Pakistani Rupee Depreciates
Pakistani rupee depreciates beyond Rs 182.34 against US Dollar
Islamabad: The Pakistan rupee depreciated beyond Rs 182.34 against US Dollar on Tuesday.
This is the first time such an incident occurred.
Analysts believe the rupee is facing double pressure as it is losing ground due to the challenges in the national economy owing to the political crisis coupled with the appreciation of the US dollar against world currencies.
Speaking to Geo.tv, Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said that the current round of depreciation was caused by “outflows by foreigners from the government securities.”
“In terms of the real effective exchange rate (REER) we are very competitive now,” he said, predicting that the rupee would stabilise after the end of March as quarter-end payments would also be completed.
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