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Rupee slips further amid rising political uncertainty

Rupee loses value, hitting new low against dollar in interbank market

The rupee continued its slide on Tuesday, closing at roughly Rs233 against the US dollar in the interbank market on Tuesday.

On Tuesday, according to the Foreign Exchange Association of Pakistan, the local currency traded at Rs231 during the day, after closing at Rs229.88 on Monday.

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The rupee closed at Rs232.93 in the interbank market on Tuesday, with a depreciation of 1.31 percent.

The rupee lost roughly 21.3% of its value versus the US dollar between April 7 and July 22 (since the formation of the new government) as a result of the massive trade deficit and the escalating political unrest and insecurity.

After reaching 211.93 on June 22, the rupee appreciated Rs204.56 in the first week of July. When the nation’s staff-level deal with the IMF was achieved on July 15, it briefly appreciated but then continued to depreciate versus the dollar.

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The value of the rupee relative to the US dollar decreased by 8.25 percent last week, closing at an all-time low of 228.36 per dollar on July 22 from 210.95 per dollar on July 15.

The rupee again depreciated in this week’s opening session, reaching Rs229.88.

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