The Pakistani currency, the rupee, has continued to lose value against the US dollar. In the interbank market during afternoon trade on Tuesday, the rupee depreciated by Rs1.71. At 12pm, the dollar was being traded for Rs287 in the interbank, compared to Rs285.29 the previous day. In the open market, the dollar was being exchanged for Rs287.5 during the afternoon. This marks the 12th consecutive session in which the rupee has declined. Since October 20, it has lost 2.9% of its value. The rupee’s recovery in September was affected by this downward trajectory. Experts believe that the rupee could weaken further due to a shortage of dollars and poor export growth. The announcement of general elections in February 2024 has also added uncertainty to the political and economic situation. Importers are buying dollars in anticipation of future price increases. Exporters have stopped selling their dollars due to pessimism about the rupee’s strength. There are concerns that anti-state elements, both inside and outside Pakistan, are trying to undermine the rupee. However, Pakistan’s financial credentials are considered to be good, and the stock exchange has reached an all-time high.
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