Islamabad, November 30, : The devaluation of Pakistan’s Rupee against the US Dollar continued.The greenback reached an all-time high of 175.60 rupees in interbank trade, according to figures from the State Bank of Pakistan.The US dollar closed Friday at 175.46 rupees and opened Monday higher after the currency was devalued by 0.74 rupees or 0.42 percent, according to official figures.
According to Xinhua news agency, the Pakistani Rupee has been depreciating against the greenback since May 2021, when it began rising from 152.27 rupees.
Local economic analysts believe that the main reasons for the rise in the greenback’s value against the Rupee are the high demand and uncertainty surrounding the country’s deal to the International Monetary Fund for a $1 billion loan tranche.
Local importers have purchased large amounts of dollars from the local marketplace, resulting in a steady rise of the $US against Pakistani currency.
Shaukat Tarin, Finance Minister, spoke to media on Saturday.
He said that the Rupee would rebound and be stronger against the $US following the actions of the Pakistani government.
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