Rupee continues to decline, Dollar swells to Rs. 172.93

Rupee continues to decline, Dollar swells to Rs. 172.93

KARACHI: The depreciation in Pakistani currency continues as rupee dropped by Rs. 1.3. Dollar was recorded to be trading at Rs. 172.93 in the interbank market on Wednesday. The value of the rupee was relatively better on November 3 when the dollar was selling at Rs. 169.97 as per the State Bank of Pakistan’s (SBP) data.

The decline in the value of the rupee has resulted in a rise in prices of gold by Rs. 1000. The value of 11.66 grams was Rs125,800, which is the highest of the last two weeks. Abdullah Abdul Razzaq Chand, a member of All Sindh Saraf and Jewelers Association (ASSJA), said that the current situation was due to the uncertainty in IMF and government deal.

“The local currency should recover some ground against the greenback to Rs169-170, once Pakistan and the IMF announce the resumption of the programme,” said the member of ASSJA.

The government has briefed the situation to IMF that the Amendment Bill 2021 was not approved due to the lack of two-thirds majority in parliament. It is reported that IMF will acknowledge Pakistan’s position.

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