Rupee falls further to 223.66, says SBP

The rupee has fallen for the seventh consecutive session closing with a 0.22 percent depreciation as investors remained anxious over the International Monetary Fund’s (IMF) ninth review of Pakistan’s economy.

In the interbank market, the rupee fell 0.22 percent or Rs0.49 to 223.66 in the interbank market on Monday versus the US dollar, down from Rs223.17 on Friday, State Bank of Pakistan (SBP) has said.

According to analysts, the rupee has fallen due to uncertainty over the IMF’s ninth review, the growing risk of default and the absence of a timeframe regarding incoming financing from Saudi Arabia and China.

According to data from SBP the rupee has fallen by 1.01% or Rs2.24 in the last seven working days compared to the November 10 close of Rs221.42.

Analysts have also said that the demand has exceeded supply and interest rates in the United States have risen reducing liquidity. As a result, there has been a high demand for imports which has raised the parity.

The dollar index, which measures the US dollar’s performance versus six key currencies, has fallen more than 6 percent since reaching a 20-year high in October.

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