Pakistani rupee hits nine-month low at 163.35 to the dollar

Islamabad: The Pakistani rupee hit a nine-and-a-half month low at Rs163.35 against the US dollar in intra-day trading in the interbank market on Monday, Pakistani media reported, partly due to an increase in demand for the foreign currency in the domestic economy.
The rupee depreciated by almost Re1 (92 paisa) in intra-day trading compared to Friday’s (the previous working day) close of Rs162.43.
“The rupee is losing partly due to increased pressure of import payments,” Topline Securities Director Research Syed Atif Zafar told Pakistan’s The Express Tribune newspaper.
The US dollar is also gaining strength against world currencies, Zafar said: “This is another reason for the drop in rupee.”
“The local currency is estimated to fall to around Rs166-168 to the greenback by end-December 2021,” he said.
Zafar said additional demand for dollars in the economy was being generated on the back of a “persistent uptrend in international petroleum oil prices.” Pakistan heavily relies on imported energy.
The rupee has been in decline since it hit a 22-month high of Rs152.27 in March 202