Pakistani rupee hits new all-time low against UAE dirham
The rupee has weakened eight per cent so far this year, becoming the biggest decliner among the Asian currencies this year.
The Pakistani rupee slumped to an all-time low of 168.3 against the US dollar or 45.85 versus the UAE dirham on Monday after the demand for the dollar by importers increased.
The South Asian currency's previous all-time low was hit on March 29 when it touched 45.82 versus dirham, or 168.15 against greenback. The rupee has weakened eight per cent so far this year, becoming the biggest decliner among the Asian currencies this year.
"As the economy is opening up, demand for dollar is increasing as imports pick up," said Samiullah Tariq, head of research at Pakistan Kuwait Investment, in Karachi.
Data showed that Pakistan's imports rose 30 per cent to $3.7 billion in June 2020 compared to the previous month.
Fitch Solutions said last week that the rupee will average 163 against the greenback, or 44.4 versus dirham, in 2020 as the pressure will ease on repayments of loans from the G20 and Abu Dhabi Fund for Development. It predicted that the rupee will average 171.15 versus dollar, 46.6 against dirham, in 2021.
"Over the long-term, we forecast the Pakistani rupee to average weaker at Rs171.15 versus dollar in 2021 due to higher structural inflation vis-à-vis the US. We forecast the unit to continue to trade weaker, forecasting the rupee to average 163 against dollar in 2020," it added.
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