The Pakistani Rupee lost 11 paisas against the US dollar today and closed at Rs. 166.99.
It depreciated by 0.07 percent from yesterday’s (1 September) rate of Rs. 166. 87 against the US dollar (USD) in the interbank currency market, dropping to its lowest since August 2020.
Investment banker Khurram Schehzad said that the Pakistani Rupee (PKR) has depreciated by 10 percent since May 2021, and added that it is the worst performer among 13 Asian currencies.
Pakistan’s trade deficit widened by 133 percent year-over-year amid an ongoing surge in imports, according to provisional data released today.
The PKR also depreciated against other major currencies today. It lost 63 paisas against the Euro, 65 paisas against the Pound Sterling (GBP), two paisas against the Canadian Dollar (CAD), and 78 paisas against the Australian Dollar (AUD).
It also posted losses of three paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
