KARACHI: The Pakistani rupee fell to 176.49 against the US dollar on Monday as the central bank was reluctant to intervene in the foreign exchange market to slow the currency’s decline.
On Monday, the rupee closed at 176.49 against the US dollar in the interbank market, according to data released by the State Bank of Pakistan (SBP).
Forex traders believe the rupee will strengthen against the dollar this week on inflows from exporters and hopes of approval for an International Monetary Fund (IMF) loan program.
Data released by the central bank showed that the rupee has depreciated by 12.02% (or 18.95 rupees) since the start of the fiscal year on July 1, 2021.
The rupee has been on a downward trend for the past eight months. It is down 15.9% (or Rs 24.44) so far from a 22-month high of Rs 152.27 set in May 2021.