The Pakistani rupee hit a fresh low of Rs169.97 against the US dollar in the inter-bank market on Tuesday, according to the central bank’s data. “The revised estimates suggest the average value of rupee would be around Rs171-172 for the current fiscal year,” she said. The rupee was losing its value against the greenback due to rising demand of US dollars in the domestic economy, while supplies remained comparatively low in the inter-bank market. Owing to rumours that the rupee would slide to 200 against the greenback, exporters have stopped selling dollars in the inter-bank market. READ Rupee slide: economics vs politicsEarlier, another section of financial market experts said that the downward trend in the rupee has become unsustainable.

Source: The Express Tribune September 29, 2021 03:22 UTC