Pakistani rupee continues to drop

ANI
15 Sep 2021, 20:18 GMT+10

Islamabad [Pakistan], September 15 (ANI): The State Bank of Pakistan (SBP) has injected nearly USD1.2 billion into the inter-bank market in three months to defend the weakening rupee, local media reported on Wednesday.

From mid-June to the first week of September, the central bank injected nearly $1.2 billion out of its reserves. The maximum single-day injection of USD100 million was made in July, followed by USD85 million in August, The Express Tribune reported on Wednesday.

However, the central bank, International Monetary Fund (IMF) and finance ministry institutions claim that the rupee value is determined by market forces.

In an attempt to maintain an artificial value of the rupee, with the fresh injection, nearly USD5.8 billion has been thrown in the inter-bank market during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government.

However, neither the finance ministry nor the central bank explicitly denied that the SBP threw dollars in the market to defend the rupee.

On Tuesday, the Pakistani rupee hit an all-time low of Rs 168.94 against the US dollar in the inter-bank market.

The rupee has lost 7.28 per cent or Rs 11.51 to date since the start of the current fiscal year on July 1, 2021. This was despite the fact that since July the SBP threw USD815 million in the exchange market, according to The Express Tribune. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.

More Information

21 ℃

null in Dekelia

International Business

Section

India says Google abuses competitors through market dominance

NEW DELHI, India: The Competition Commission of India (CCI) has declared that Google abused the dominant position of its Android ...

World Economic Forum to return to Davos early next year

DAVOS, Switzerland: Organizers say the World Economic Forum will be again held in the mountain resort of Davos, Switzerland, from ...

Leading countries agree to ensure microchip supplies remain plentiful

TOKYO, Japan: During next week's meeting in the United States, leaders of the United States, Japan, India and Australia will ...

China seeks membership in Asia trade group Trans-Pacific Partnership

BEIJING, China: Seeking to expand its influence, China is seeking to join an 11-nation Asia-Pacific free trade group, the Comprehensive ...

Majority of Japanese companies say business to recover in 2021

TOKYO, Japan: A survey by Reuters found that most Japanese companies believe the recovery of the country's economy has reached ...

Intuit announces purchase of Mailchimp for $12 billion

MOUNTAIN VIEW, California: California-based Intuit, known for its small-business accounting and DIY tax-filing software, including TurboTax and QuickBooks, announced that ...

Mediterranean

Section