The Pakistani Rupee has recorded a drop in its value against the US Dollar as the greenback closed at Rs210.95 in the interbank market.
According to the State Bank of Pakistan (SBP), the dollar gained 0.55 percent against the Pakistani rupee on Friday, before closing at Rs210.95.
On Thursday, the rupee had made a nominal recovery when it closed at Rs209.8.
Market experts have said that the belief is prevailing in the market that the IMF’s loan tranche worth $1.17 billion wasn’t sufficient enough for Pakistan. They have also said that the internationally decreasing oil prices are being looked upon with hope of helping country’s economy. However, they’ve also raised concerns that it seemed difficult as oil prices decreasing upto $60-70 per barrel would benefit Pakistan.
According to economists, pressure of import payments are major causes of rupee depreciation. They have also said that the impact of internationally reduced oil prices would be reflected after one to two months.
