Rupee depreciates to historic low of Rs178 against dollar in open market
Local currency dropped to Rs176 in inter-bank.
The rupee depreciated to an all-time low of Rs178 on Friday against dollar in the open market after the greenback appreciated by Rs1.50.
On the other hand, in the inter-bank market, the local currency dropped to all-time low of Rs176 against the dollar.
The demand for the US dollar stood higher than supply as the import payments and global commodity prices increased. The uncertainty about the restoration the IMF programme also contributed to strengthening of dollar.
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Unfounded news caused rupee to fall and PSX to lose over 700 points
Earlier, the rupee depreciated to a record low of Rs175.26 on Oct 26 against the US dollar in the inter-bank market.
Shahbaz Rana, senior journalist wrote on Twitter:” Mishandling of IMF talks and breakdown of communication channels have caused more damage to economy than weak economic fundamentals.
Mishandling of IMF talks & breakdown of communication channels have caused more damage to economy than weak economic fundamentals. Stock market is again bleeding today. Rupee is inching towards historic low of Rs176/dollar. Urgent damage control needed. PM office has to intervene
— Shahbaz Rana (@81ShahbazRana) November 12, 2021
He added that the stock market is again bleeding today. Rupee is inching towards historic low of Rs176/dollar. Urgent damage control needed. PM office has to intervene.
