Pakistani rupee set all-time low of 178.19 against the US dollar on Tuesday, the 13th lowest level set in December. According to the State Bank of Pakistan, the dollar opened at Rs178.17 in the interbank market and closed at Rs178.19 (-0.01). Within the open market, the rupee was traded at 180/181 per dollar. Overall, the rupee has shed Rs2.47 against the US dollar during the current month. The rupee has depreciated by Rs20.77 during the ongoing fiscal year 2021-22 and Rs18.04 in the current year 2021. The experts, however, said that the measures taken by the State Bank of Pakistan (SBP) are facilitating local currency to hold its stabilisation mode. They said though the rupee has set 13 lowest levels during the current month, its overall depreciation against the US dollar has been around 1.41 percent as it devalued from 175.72 to 178.19 during December. They added that the depreciation in terms of percentage does not present a bleak picture as year-end is approaching. Expressing a similar view, the currency dealers said that the dollar’s demand for import and corporate payments remains usually high by the close of a calendar year. They added that foreign entities operating in Pakistan send their profits and dividends to their parent companies abroad by the end of the quarter. According to experts, the recent depreciation of the local unit is dictated by the International Monetary Fund (IMF) through prior actions and it has nothing to do with macroeconomic fundamentals. They say that there is a complete breakdown of economic policymaking as the country’s fiscal policy has become subservient to monetary and exchange rate policies. They said that pressure has mounted on the rupee in recent weeks, with everything now hinging on whether the government strikes a deal with the IMF over the release of new funds. To land the deal, a mini-budget is due on Wednesday (today), which will presumably pave the way for an IMF agreement and the release of funds. It is expected to give the rupee some respite.