The rupee continues to depreciate as the US dollar hits record Rs. 212 on Tuesday. Economic uncertainty prevails as the dollar continues to fly high despite Prime Minister Shehbaz Sharif’s hectic efforts.
According to the Forex Association of Pakistan (FAP), the rupee depreciated by over Rs2 to reach an all-time low of Rs212 against the dollar from Monday’s close of Rs209.96. Yesterday, the greenback appreciated by a sharp Rs1.21 — a trend persisting for over a week now.
According to Mettis Global— a web-based financial data and analytics portal — the rupee has incurred a colossal loss of Rs6.4 during five consecutive sessions last week.
Komal Mansoor, head of research at Tresmark, told reporters that it seemed as if the country was now completely relying on an IMF bailout.