Rupee in free fall with six new lows in six sessions

DailyTimes  |  Oct 27, 2021

There was no let-up in Pakistani rupee’s depreciation against the US dollar for the sixth consecutive session on Tuesday, as the local currency fell to a new all-time low of 175.27 amid delay in resumption of $6 billion Extended Fund Facility (EFF) by the International Monetary Fund (IMF). According to the State Bank of Pakistan, the rupee shed Rs0.84 (-0.48 percent) as the US dollar opened at Rs174.43 and closed at Rs175.27. During the last six sessions, the Pakistani rupee has set six new lows against the greenback. Within the open market, the rupee was traded at 174.50/ 176 per dollar.

The Pakistani rupee shed Rs4.09 during the last six sessions against the US dollar, while depreciation during the fiscal year 2021-22 has been Rs17.85. The local unit has shed Rs15 against the US dollar in the current year 2021.

The local currency has maintained a downtrend after it touched 22-month high of Rs152.48 in May 2021, losing a cumulative Rs22.96 in the past five months to date.

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