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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
