According to the State Bank of Pakistan (SBP), the local currency had closed at Rs169.97 against the greenback on Tuesday. Speaking to The Express Tribune, Intermarket Securities Head of Research Saad Ali stated that the rupee downtrend persisted due to a host of factors. READ The rupee slide“Besides, the central bank is not intervening in the market to arrest the currency’s fall,” he said. The State Bank increased the benchmark policy rate to 7.25% a few days ago and it was expected to help contain the import bill but the impact would be visible with a lag, he stressed. The research head projected that the rupee would regain some lost ground in the next few days.

Source: The Express Tribune September 30, 2021 03:42 UTC