Friday July 22, 2022

Rupee Declining Trend Continues As Political Uncertainty Exists

KARACHI: The Pakistani rupee continued to fall against the US dollar, reaching a lifetime low of 229 during intraday trade in the interbank market Friday.

During yesterday’s trade, the rupee fell to as low as 228 during intraday trade, but it closed at 226.81, losing Rs1.89 or 0.83%, the data released by the State Bank of Pakistan (SBP) had shown.

Political uncertainty arising out of the outcome of the Punjab by-elections, a downgrade of Pakistan’s ratings from stable to negative by Fitch Ratings, and a delay in the International Monetary Fund’s (IMF) programme are attributed by analysts as reasons for the continued battering that the rupee has taken.

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