The rupee broke its losing streak against the dollar for the first time in four days, gaining 0.11% against the dollar during intraday trading on yesterday. The rupee recovered 18 paisas and closed at a one-day low of Rs170.48 according to SBP data. The Pakistani rupee shed Rs1.58 during the last four days against the US dollar, while depreciation during the fiscal year 2021-22 has been Rs13.24. The Pakistani rupee has been sliding steadily since May. Over the long term, tightening US monetary policy alongside higher structural inflation relative to the United States would weaken the rupee against the dollar, Fitch said.

Source: Pakistan Today October 01, 2021 16:07 UTC