The rupee weakened against the US dollar at 221.92 in the inter-bank market on Monday compared with Friday’s close of 220.66, according to the State Bank of Pakistan (SBP). The rupee has depreciated sharply in the past few months in the wake of delay in revival of International Monetary Fund (IMF) loan programme, poor macroeconomic indicators and political uncertainty. It plummeted to an all-time low of Rs239.94 against the greenback on July 28, 2022. Pakistan is expected to receive around $1.2 billion in the next loan tranche from the IMF.
Published in The Express Tribune, August 30th, 2022.