Pakistan rupee slumps further against USD
Nov 26, 2021
Islamabad [Pakistan], November 27 : Pakistan rupee has once again recorded a fall against the US dollar on Friday with the American currency rising by 94 paisas in the interbank market.
As reported by Pakistani media Samaa TV, the State Bank of Pakistan showed the local currency depreciated by 0.27 per cent and the trading session closed at Rs175.46.
A day earlier, the central bank reported that the foreign exchange reserves fell 4.1 per cent to their lowest level since June 25, 2021.
"Pakistan has to meet IMF's [International Monetary Fund] conditions and the next tranche of loans is expected in January or February next year. A billion-dollar aid package is yet to be received, after which the pressure on the Pakistani rupee may ease," Adnan Sami Sheikh, an economic analyst said.
"The rise in imports at the month-end has increased the dollar demand," Sami Sheikh added.
Meanwhile, another analysist Zafar Paracha has said that the value of the US dollar was raised artificially and its value will further drop once the tranche is released by the IMF.
As reported by Samaa TV, Federal Information and Broadcasting Minister Fawad Chaudhry had also announced a USD 3 billion aid from Saudi Arabia to prop up Pakistan's reserves.
The aid is expected to take place this week.
Week ago, the Pakistan rupee had yet again recorded a fall against the US dollar in the inter-bank currency market for months, a rising concern for the Imran Khan government indicating that the country is facing a deeper economic problem, reported local media.
