The Pakistani Rupee (PKR) fell below yesterday’s record low against the US Dollar day on Tuesday. It lost 37 paisas against the greenback to close at 168.97 after posting an intra-day low of 170.
PKR broke its previous record-low of 169.60 against the US Dollar (USD).
It has declined by 10.41 percent since its peak in May as a surge in demand for dollars accompanied rising imports.
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, tweeted about the gap between the PKR’s value on the interbank market and the KERB market.
INTER BANK MARKET..
The gap between the I/B & KERB market has further widened, market could test SBP’s nerve that if #PKR is heading for new all time LOWS or not.
Though at times few banks are seen offering USD in small amounts. But as soon as sizeable demand occurs they vanish.— Asad Rizvi (@asadcmka) September 28, 2021
A Tresmark analyst remarked that the rupee has depreciated due to higher import payments and explained that the central bank is “taking initiatives to control the balance of payments by implementing different policies, but the rupee outlook is bearish by market observers.”
The PKR also depreciated against other major currencies today. It lost 28 paisas against the Euro, 5 paisas against the Pound Sterling (GBP), 34 paisas against the Canadian Dollar (CAD), and 29 paisas against the Australian Dollar (AUD).
It also depreciated 10 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
One more promise made out! of IK.
No more artificial control of $ Rate.
People are so pleased to see $ fly high.
Thank you IK.