The rupee fell zero.17% to face at 197.92 in opposition to the US greenback within the inter-bank market on Friday, in contrast with Thursday’s shut of Rs197.59, in line with the State Financial institution of Pakistan (SBP). The foreign money was recovering slowly after it hit a historic low at Rs202.01 on Might 26 owing to delay within the resumption of IMF mortgage programme. The continual improve within the worldwide crude oil costs additionally proved to be a detrimental improvement for the rupee, because the nation closely relied on imported fuels to satisfy home demand. Though the rupee had taken a sluggish upward stride, after remaining on the downtrend since hitting 22-month excessive at Rs152.27 in Might 2021, it fell once more following a sudden hike in energy tariff and petroleum costs.
Printed in The Categorical Tribune, June fourth, 2022.