Rupee once again crosses Rs175 barrier against US dollar

Rupee holds steady at 176.98 against US dollar

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KARACHI: The rupee held steady against the US dollar in the interbank market on Thursday despite the unparalleled supply and demand of the US dollar.

The rupee closed at 176.98 against the US dollar, unchanged from the previous close, according to data released by the State Bank of Pakistan (SBP).

Data released by the central bank showed that the Pakistani rupee has depreciated by 12.33% (or 19.44 rupees) since the start of the fiscal year on July 1, 2021.

The rupee has been on a downward trend for the past nine months. It is down 15.68% (or Rs 24.71) so far from its 22-month high of Rs 152.27 in May 2021.

Investors remained on the sidelines after news that the IMF’s executive committee had once again delayed its sixth review of Pakistan.

It is worth mentioning here that the IMF website, which lists its Executive Board calendar, shows that discussions in Pakistan will take place on February 2.

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