. Special
Report.karachi JULy 22. The latest update ¹:
– US Dollar: The rupee depreciated to 285.17, up from 284.97, with open market rates ranging between 287.39 and 288.60.
– Euro: The euro rose to 339.00, up from 335.90.
– British Pound: The pound strengthened to 391.05, up from 387.48, with open market rates between 383 and 391.
– Japanese Yen: The yen saw a slight increase, reaching 1.97, up from 1.92.
– UAE Dirham: The dirham rose to 79.10, up from 78.39.
– Saudi Riyal: The riyal also saw a minor increase, reaching 77.27, up from 76.66.
This depreciation is attributed to various economic factors, including ²:
– Global Factors: Strengthening of the US dollar due to high interest rates and global demand.
– Domestic Challenges: High inflation, rising import bills, and low foreign exchange reserves.
The rupee’s decline has implications for businesses and consumers, including increased costs for imports and potential inflationary pressures ³.
