Rupee further depreciates to reach 221.50

The rupee registered depreciation of 0.37 percent to reach at Rs221.50 per dollar on Thursday.

According to the State Bank of Pakistan (SBP), the rupee closed at 221.50 in the interbank market against its value of 220.68 on the previous day, showing a depreciation of Rs0.82.

The rupee has depreciated its value by Rs3.12 or by 1.4 percent against the greenback.

The back-to-back losses against the US dollar after an ongoing continuous up-down trend for the past few days; the rupee gained for some days and started depreciation for the next days.

Asian Development Bank’s (ADB) release of $1.5 billion for Pakistan to support economic conditions, as well as the flood affectees, has also been seen as an important development for Pakistan’s economy but despite that, the depreciation has continued.

The political temperature has been blamed for the declining rupee. Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement has impacted the economy and market of the country, according to experts.

Economic analysts have been terming the political noise as causes of the weakening rupee.

The dollar’s parity measuring tool against six peers including sterling, euro and yen, the dollar index, was little changed at 109.63 due to a minor 1.1 percent fall.

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