The Pakistani Rupee lost 49 paisas against the US dollar today and closed at Rs. 166.87.
It depreciated by 0.29 percent from yesterday’s (31 August) rate of Rs. 166. 39 against the UD dollar (USD) in the interbank currency market.
Last week, the local currency (PKR) crossed the Rs. 166 mark but recovered slightly in the days that followed and closed at Rs. 165.62 to the USD on August 27.
The CEO of Currency Market Associates (CMKA), Asad Rizvi, tweeted, “Based on 15-days average, fair level of reduction is seen in petroleum products”.
He added, “During this period oil prices inched up slightly & #PKR weakened. LPG adjustment was necessary due to the pricing factor”.
The Rupee also depreciated against other major currencies today. It lost 41 paisas against the Euro, 42 paisas against the Pound Sterling (GBP), 31 paisas against the Canadian Dollar (CAD), and 63 paisas against the Australian Dollar (AUD).
It also posted losses of 13 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).