KARACHI: The rupee on Thursday resumed its slide against the US dollar to reach Rs176.39 in the inter-bank market due to the “geopolitical situation” in Europe .
Analysts predict that the local currency is expected to depreciate against the greenback in the days to come due to an ongoing crisis in Ukraine, and importers’ demand for the greenback.
After posting a fresh decline of 0.13%, the Pakistani rupee has depreciated by 11.96% (or Rs18.85) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
The rupee had maintained a downward trend for the past nine months. It has lost 15.84% (or Rs24.12) to date, compared to the record high of Rs152.27 recorded in May 2021.
