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Rupee fallens to a new Record low of 170.96

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Rupee fallens to a new Record low of 170.96

In the interbank market on Wednesday, the Pakistani currency hit a new all-time low of Rs 170.96 against the US dollar as demand for foreign currency cut off supply in the wake of rising commodity prices in the international market. This is a historic high trade. Deficits, and the deteriorating financial situation in Afghanistan.

The rupee has lost a total of 12.27 per cent (or Rs 18.69) since reaching its recent high of Rs 152.27 on May 14.

Meanwhile, the rupee has lost 8.51% of its value or Rs 13.42 since June 2021.

On Wednesday, the rupee fell to Rs 0.16, two days after the Pakistan Bureau of Statistics revealed that in September 2021, the country’s import bill reached 6. 6.47 billion.

According to CEO Khurram Shehzad, demand for US dollars has inevitably been affected by the increase in imports.

According to the expert, the rise in food and energy prices in the global market led to an increase in the import bill.

Both exports and investment must grow at the same time to balance the inflows and outflows deficit and increase the rupee-dollar parity.

Estimates of the 6 6 billion International Monetary Fund (IMF) initiative will be crucial in determining the future of the local currency, according to Shehzad.

He expects the euro to remain under pressure until the end of 2021.

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