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Rupee continues to fall and reach a new all-time low
KARACHI: The rupee continued to depreciate on Friday, with rising trade imbalances and historically high imports pushing the rupee to an all-time low of Rs 176.77 against the US dollar in the interbank market.
According to the State Bank of Pakistan (SBP), the Pakistani rupee ended at 176.42 against the US dollar on Thursday.
It is noteworthy that the country’s November trade imbalance was the largest ever, at 5. 5.1 billion.
During the week, the currency depreciated by about Rs 1.31. As a result of the agreement reached between the State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFF), all the gains made earlier this week were later lost as Pakistan’s trade deficit reached a new high.
The rupee has been depreciating for the past six months. It fell 16.08% (or Rs 24.5) after hitting a 22-month high of Rs 152.27 on May 14.
The rupee has depreciated by 12.20 per cent (or Rs 19.23) since the beginning of the current financial year on July 1, 2021, according to data released by the Central Bank.