Rupee depreciates US dollar hitsrecord of Rs122 in interbank market 1280x720 808x454

Pakistani rupees hit a new low of Rs169.60

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Against the US dollar, Pakistani currency has hit a new low of RS169.60 in the inter-bank market due to the increase in import payments as the commodity prices in the global markets have gone up. The International Monetary Fund (IMF) along with Pakistan has resumed a $6billion loan program which is not considered to be the declination of the rupee.

The rupee has recently maintained momentum against the US dollar hence, the drastic drop in its value is expected to be temporary. According to Fahad Rauf, Ismail Iqbal Securities Head of Research, the panic purchase of the dollar has resulted in the drop of rupee price.

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