Rupee falls as deficit widens

The State Bank of Pakistan reported that the rupee closed at Rs175.46 on Friday. A report from Arif Habib Limited states that it fell 0.42% day-on-day while it has fallen 13.58% since it hit its high of Rs152.28 on May 14, 2021.

Additionally, the report claimed that the rupee depreciated 10.59% since the start of the current fiscal year on July 1. Speaking to The Express Tribune, head of research Samiullah Tariq explained the main reason for the depreciation.

The rupee-dollar parity is negatively affected by the deficit in the country’s revenues, according to Fahad Rauf, Head of Research at Ismail Iqbal Securities.

According to the research head, the International Monetary Fund (IMF) has shifted its board meeting from December to January in order to discuss approving a fresh tranche of Pakistani loans.

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