ISLAMABAD, Nov 30 (NNN-APP) – Devaluation of the Pakistani rupee against the U.S. dollar continued, as the greenback touched an all-time high of 176.20 rupees, in interbank trading yesterday, figures from the State Bank of Pakistan revealed.
The U.S. dollar closed at 175.46 rupees on Friday, and yesterday opened higher, after the local currency devalued by 0.74 rupees, or about 0.42 percent, the official figures showed.
The Pakistani rupee started suffering depreciation against the greenback since May this year, when it started surging from 152.27 rupees.
Local economic analysts believe, high demand for the greenback and uncertainty associated with the country’s deal with the International Monetary Fund, to get a tranche of one billion U.S. dollars in loan, are the major causes of the upward flight of the greenback against the Pakistani rupee.
Local importers bought a bulk of dollars from the local market, leading to the continuous surge of the U.S. dollar against the Pakistani currency.
Speaking to media earlier on Saturday, Finance Minister, Shaukat Tarin, said that, the rupee will bounce back and come out stronger against the U.S. dollar, after the actions to be taken by the Pakistani government.– NNN-APP
