The pandemic saw a significant rise in number of cases of anxiety
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.
waheedabbas@khaleejtimes.com
The pandemic saw a significant rise in number of cases of anxiety
The art of glow... and glory
March being the World Endometriosis Awareness Month, we attempt to decode the not-so-widely understood condition that condemns its sufferers to a life of unbearable pain
UAE resident shares why she chose the 2020 Nissan Altima to be her road companion
Here are some landmarks that make the visit so much more worthwhile
Now calling a child or youngster “chubby” can be demeaning to them, for even an eight-year-old knows all about body-shaming
shashi tharoors world of words
When someone boasts he is “ahead of the curve”, in other words performing better, earlier or faster than the competition, that expression also has its roots in flying
The next twelve-month dividend yield is 5% with reference to IPO share price of Dh2.48 per share