Rupee sheds another 48 paisa against US dollar in interbank

KARACHI: The losing streak for the Pakistani rupee continued Wednesday with the US dollar gaining another 48 paisa in the interbank, ARY NEWS reported quoting the State Bank of Pakistan (SBP).

According to the currency value shared by the SBP from its Twitter handle, the Pakistani rupee depreciated by 0.29 percent against the greenback and was traded at Rs166.87 as compared to the last day value of Rs166.39.

Interbank closing #ExchangeRate for today:https://t.co/cfEgBV6IP6 pic.twitter.com/KbL89N5qBe

— SBP (@StateBank_Pak) September 1, 2021

Head of Forex Association Malik Bostan said that the other currencies were also facing an upward trend owing to the depreciation of the rupee against the US dollar.

“The imports will have a greater impact owing to an increase in value of the US dollar,” he said adding it would ultimately impact inflation in the country.

The economic experts have also termed a rising trend of the imports and purchase of COVID vaccines as the major reasons behind the increase in the value of the greenback.

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The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April 2021.

The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.