The Pakistani Rupee has slipped to its lowest against the US dollar since 28 August 2020.
It lost 40 paisas against the US dollar (USD) to close at Rs. 167.63.
The local currency had closed against the USD at Rs. 167.43 on 28 August 2020.
The founder and CEO of Currency Market Associates, Asad Rizvi, tweeted that the market will ignore positive economic data and will focus on the negative. He warned that this will continue to exert pressure on the Pakistani Rupee (PKR) until the State Bank of Pakistan (SBP) intervenes, and until political uncertainty in Afghanistan eases.
INTER BANK MARKET……
Yesterday’s View Remain Unchanged. Market will keep GOOD ECONOMIC NUMBERS on the sideline. BAD NUMBERS will be the spoiler that will add pressure on #PKR until #SBP takes charge & there is more clarity on Afghan issue.
1/2
— Asad Rizvi (@asadcmka) September 7, 2021
Khurram Schehzad, an investment banker, said that the PKR has depreciated by 10 percent since May 2021, losing Rs. 15.57 against the USD in five months.
He warned that the currency’s devaluation will cause the “debt pressure to rise by Rs 1,800 billion”.
The PKR also depreciated against other major currencies today. It lost 52 paisas against the Euro, 83 paisas against the Pound Sterling (GBP), 9 paisas against the Canadian Dollar (CAD), and 1 paisa against the Australian Dollar (AUD).
It also lost 11 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
