Today: 1 June 2025
29 November 2021
1 min read

Pak rupee takes another nose dive

The Pakistani rupee has started suffering depreciation against the greenback since May 2021 when it started surging from 152.27 rupees…reports Asian Lite News

Devaluation of the Pakistani rupee against the US dollar continued as the greenback touched an all-time high of 176.20 rupees in interbank trading, figures from the State Bank of Pakistan revealed.

The US dollar closed at 175.46 rupees on Friday, and on Monday opened higher, after the local currency devalued by 0.74 rupees, or about 0.42 per cent, the official figures showed.

The Pakistani rupee has started suffering depreciation against the greenback since May 2021 when it started surging from 152.27 rupees, Xinhua news agency reported.

Pakistan rupee

Local economic analysts believe that the high demand for the greenback and uncertainty associated with the country’s deal with the International Monetary Fund to get a tranche of $1 billion in loan are the major causes of the upward flight of the greenback against the Pakistani rupee.

Local importers have bought a bulk of dollars from the local market, leading to the continuous surge of the $US against the Pakistani currency.

Speaking to media earlier on Saturday, Finance Minister Shaukat Tarin said the rupee will bounce back and come out stronger against the $US after the actions taken by the Pakistani government.

ALSO READ: Blacklisted Chinese firm alleges nepotism in Pakistan

Previous Story

Gargash heads UAE delegation in 3rd Govt Forum in Saudi

Next Story

Sheikh Mohammed pardons 672 prisoners

Latest from -Top News

UAE aid for Gaza in global focus

Titled Hope Remains, the documentary brings to light the UAE’s leading role in providing vital aid and support to the people of Gaza. The International Humanitarian and Philanthropic Council has released a

Syria, Israel begin quiet talks

The announcement came just hours after Israeli warplanes reportedly carried out new airstrikes in Syria’s coastal provinces of Tartus and Latakia, hitting a range of military targets. Syria has confirmed the commencement

Gaza truce deal hits new snag

US says Hamas’ reply to the ceasefire plan was “totally unacceptable” and accused the Palestinian group of dragging the negotiations backward. The latest attempt to broker a ceasefire in Gaza has hit

IAEA flags Iran enrichment spike

The International Atomic Energy Agency (IAEA), in two separate but related reports, said Iran has boosted its uranium stockpile enriched up to 60% purity by nearly 50% since February. Iran has vehemently

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin
Go toTop

Don't Miss

Pakistan Again Betrays Afghans and the World

Not a single item or transport vehicle sent by the

BILAWAL: Kaptaan Bhag Gaya

Bilawal warned that the countdown to the end of PTI’s