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Rupee slumps to an all-time low of 168.9 against dollar

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A foreign money supplier is seen counting the rupee. — AFP/File
  • Native foreign money depreciates round 0.50% against the buck on Tuesday.
  • Since June, the rupee has cumulatively misplaced 6.7%.
  • The steep fall is attributed to the panic accumulation of {dollars} over issues relating to provide of the buck, says Samiullah Tariq.

KARACHI: An 85-paisa decline within the inter-bank market due to exterior funds pressures dragged the rupee to a document low on Tuesday against the US dollar, with the change price sliding to Rs168.94.

The Pakistani foreign money briefly touched an all-time low of Rs169 within the inter-bank market throughout intra-day commerce, earlier than making a modest pullback from that degree.

In all, the rupee dropped 0.5% to Rs168.94 on Tuesday after closing at Rs168.10 on Monday (September 13).

A decline within the nation’s international earnings mounted strain on the native foreign money from the provision facet.

The rupee has now fallen previous its earlier low of Rs168.43 against the buck recorded on August 26 final yr.

It has depreciated by 6.7% since June 2021 and 9.9% since its current excessive of Rs152.28 in Might 2021, in accordance to Arif Habib Restricted.

Currency graph. — Arif Habib Limited
Forex graph. — Arif Habib Restricted

Talking to Geo.television, Pakistan-Kuwait Funding Firm Head of Analysis Samiullah Tariq stated: “The steep fall was attributed to the panic accumulation of {dollars} over issues relating to provide of the buck.”

“Furthermore, the nation has been recording present account deficit since final three months and it’s anticipated that the information for the month of August may even unveil a deficit,” the analyst stated.

“The present account steadiness is predicted to keep in a deficit and the foreign money parity will additional deteriorate,” he predicted.

Tariq additional added that uncertainty in Afghanistan coupled with rising commodity costs within the worldwide market additionally performed a catalytic function within the fall of the rupee.

Going ahead, the analyst expects the foreign money to consolidate after the scheduled assessment of the Worldwide Financial Fund (IMF) due later this month.

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