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Pak rupee free fall continues

muzaffarrizvi@khaleejtimes.com Filed on September 29, 2021
The rupee is down 6.25 per cent this year so far and likely to sustain the downward trend in the wake of widening trade gap between the imports and exports. — File photo

The currency lost 52-paisa against the greenback in the inter-bank market and closed at 170.48 to a dollar, another historic low

The Pakistani rupee remained bearish for the sixth consecutive session and shed another 0.3 per cent of its value to record historic low against the US dollar.

The currency lost 52-paisa against the greenback in the inter-bank market and closed at 170.48 to a dollar, another historic low. It is down 6.25 per cent this year so far and likely to sustain the downward trend in the wake of widening trade gap between the imports and exports.

Economists are of the view that the widening current account deficit will continue to weigh on the Pak rupee while uncertain economic conditions in neighbouring Afghanistan also exerts additional pressure on the currency.

Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company (Private) Limited, said the rupee decline continued as demand for dollars is on the rise as the importers are keen to buy the greenback to ensure payments of their import goods.

“The rupee should be stable at the existing levels as the country’s economic indicators are positive,” he said.

The depreciated 7.59 per cent against the greenback during the current financial year so far. It lost 10.68 per cent against the US dollar since its recent peak hit on May 14, 2021, according to Arif Habib Limited.

— muzaffarrizvi@khaleejtimes.com

author

Muzaffar Rizvi

Business Editor/News Editor of Khaleej Times is a well-connected journalist and an economic and financial commentator. He has been in the mainstream journalism since 1997, covering the UAE's economy and key sectors. He holds a post-graduate degree in Economics and has won many awards for authentic and insightful reports on global and regional businesses and economic trends.





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