Rupee weakens towards greenback


KARACHI:

The rupee weakened towards the US greenback at Rs167.63 within the inter-bank market on Tuesday in contrast with Monday’s shut of Rs167.23, based on the State Financial institution of Pakistan (SBP).

Earlier, the SBP let the rupee depreciate massively within the inter-bank market after finalisation of an settlement with the Worldwide Financial Fund (IMF) for a mortgage programme on Might 12, 2019.

The IMF has requested Pakistan to finish state management of the rupee and let the forex transfer freely to search out its equilibrium towards the US greenback and different main world currencies.

Learn Rupee turns into worst performer in Asia

In early September 2021, the Pakistani rupee turned the worst performing forex in Asia in a basket of 13 currencies because it fell to a 13-month low towards the US greenback within the wake of a big surge in demand for the dollar to make funds for hovering imports. 

Printed in The Categorical Tribune, September 8th, 2021.

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