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Rupee Against Dollar, Tumble Continues

On Monday, the Pakistani rupee finished at a 12-year low of 178.17 against the dollar in Karachi.

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According to State Bank of Pakistan (SBP) sources, the dollar opened on the interbank market at Rs178.13 and concluded at Rs178.17. On the open market, the rupee was valued between 178.30 and 179.30 per dollar. During the current month, the rupee has depreciated by Rs2.45 versus the dollar. The rupee has depreciated by Rs20.75 in the current fiscal year 2021-22 (FY22) and Rs18.02 in the previous fiscal year 2021. (CY21).

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The rupee has continued to depreciate against the dollar for the past three months. 17 percent, or Rs25.9, less than the 22-month peak of Rs152.27 reached on May 14 Earlier this month, the rupee reached 11 all-time lows relative to the U.S. dollar. The dollar reached its highest levels of Rs178.15 on December 22; Rs178.05 on December 21; Rs178.04 on December 17; Rs177.98 on December 15; Rs177.89 on December 13; Rs177.71 on December 10; Rs177.61 on December 9; Rs177.43 on December 8; Rs176.79 on December 7; Rs176.77 on December 3; and Rs176.42 on December 2.

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