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The rupee has dropped for the third day in a row

KARACHI: The rupee depreciated to Rs172.93 in the interbank foreign currency market on Wednesday, continuing its downward trend against the dollar for the third day in a row, traders said. In the interbank foreign currency market, the exchange rate fell by Rs1.30 versus the dollar from the previous day’s close of Rs171.63.

During the previous three trading sessions, the rupee has lost Rs2.92 versus the US dollar. The dealers said the demand for the greenback for external payments remained high during the day.

Also read: Govt debt increased by 11.5pc to Rs39.7tr

The Saudi government on October 26, 2021 pledged to provide $3 billion assistance to Pakistan to manage the balance of payments; however, this amount has not been transferred so far.

Further, the government’s negotiations with the International Monetary Fund (IMF) for another tranche were also not finalised.

The import bill registered a growth of 65.15 per cent to $25.06 billion during July-October 2021, compared with $15.17 billion in the same period of the last fiscal year, the Pakistan Bureau of Statistics (PBS) showed.

Also read: FBR is overjoyed at the huge increase in revenue collection

The local currency remained under pressure since the start of the current fiscal year. it fell Rs15.39, or 9.77 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs172.93 on November 10, 2021. The local unit recorded the all-time low of Rs175.27 on October 26, 2021.

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