KARACHI: The Pakistani rupee slid in comparison to most other currencies in the world in calendar year 2017, reveals the latest State Bank’s statistical bulletin.
The depreciation of the rupee in Dec 2017 appears to be behind the move in large measure. The steepest drop the rupee registered was against the euro, losing 16.58pc of its value in 2017.
The local currency has depreciated by 10.7pc against the Indian rupee in the calendar year 2017.
Against the Chinese yuan, the rupee depreciated by 11.07pc. The only currency which depreciated against the rupee was Iranian riyal, which went down by 5.8pc. Exports to Iran in FY17 were $29.8m compared to $30.5m in the same period of last year. Against the UAE dirham, the rupee fell by 5pc.
Other important currencies that appreciated against the rupee were Malaysian ringgit 14pc, Singaporean dollar 12.3pc, Thai bhat 13.46pc, Korean won 15.86pc and UK pound 13.6pc.
Published in Dawn, February 18th, 2018