Rupee Set to Break All-Time Record Against the US Dollar

Continuing with its declining dynamism, the Pakistani Rupee (PKR) lost 35 paisas against the US Dollar (USD) on Thursday to close at 169.03.

The currency depreciated by 16 paisas against the USD and closed at 168.68 on September 22. It is nearing the all-time low of 169.12 against USD that it crashed to on 15 September.

Image

In a bid to better forecast imports and indirectly address the PKR depreciation, the State Bank of Pakistan has directed banks to share a five-day schedule of upcoming import payments.

The central bank also ordered commercial banks to seek authorization for import payments valued at over $500,000 per transaction. With this directive, the central bank lowered the prior payment cut-off of $1 million per transaction.

The government raised Rs. 842.3 billion for three-month treasury bills at an auction held on September 22, in which the cut-off yields on treasury bills were increased by up to 49 basis points.

Image

The PKR has also depreciated against other major currencies. It has lost 1 paisa against the Euro, 68 paisas against the Pound Sterling (GBP), 1.42 paisas against the Canadian Dollar (CAD), and 45 paisas against the Australian Dollar (AUD).


  • Thank you Imran Khan, you push the Pakistan to that level, which nawaz and zardari couldn’t do in 50 years.
    Congratulation for the change.

  • To all investors abroad
    Do not invest in Pakistan I have lost over dou Le my money I bought in to this country
    The way the country is r us n needs to change as also the way people change the currency rate it devalued by double over night

  • Pakistan is doing very well ,a bit struggling in money exchange ,previous government use to take unlimited international loans to keep balancing dollars which we suffering now but Mr Imran Khan government making Pakistan stand on its feet with no extra loans ,a bit of trouble at the moment but a future with dignity for Pakistan citizens .Many people don’t understand basic economic so they just panic and blame government rather than appreciating them,I my self love to send all my money as overseas for attractive 11% return in Roshan account .

  • Overseas Pakistanis are sending more money and the receivers are becoming rich. Now is the right time to get a job abroad even Janitor job dollars will make you reach here in Pakistan.


  • close
    >