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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
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