Wed 27 July 2022:
According to the State Bank of Pakistan, the Pakistani rupee fell against the US dollar for the ninth consecutive session in the interbank market, reaching a new record low of 236 on Wednesday (SBP).
According to SBP data, the dollar closed at an all-time high of 236.02 rupees in the interbank market, up from 232.93 rupees a day earlier as it fell 1.31 percent.
According to the Foreign Exchange Association of Pakistan, the rupee has lost more than 30% of its value since the beginning of 2022.
Earlier in Wednesday, federal Minister for Finance and Revenue Miftah Ismail expressed hope that the pressure on the rupee would cease in a couple of weeks.
“From the next month onwards, incoming dollars in Pakistan by way of exports and remittance will be more than the outgoing dollars by the way of imports and debt servicing. Therefore, pressure on the rupee would subside and the currency would appreciate,” said Ismail.
He said that multiple factors including the U.S. dollar reaching historic highs internationally, interest rate hikes, worldwide inflation and supply chain disruption have led to rupee’s depreciation.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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