The Pakistani Rupee (PKR) slipped below yesterday’s record low against the US Dollar day on Wednesday. It lost 51 paisas against the dollar to close at 170.48 after posting an intra-day high of 170.50. This is the first time that the Rupee has closed the day at over 170 against the US Dollar.
The PKR broke its previous record-low of 169.97 against the US Dollar (USD).
In the open market, the PKR against the USD stood at 171.70 and 172.20 for buying and selling, respectively.
Tresmark Analyst, Yaqoob Abubakar, told ProPakistani, “As per market observers, rupee is under pressure due to higher international oil prices and other external payments.”
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, said that rising inflation, debt repayments, and uncertainty over the International Monetary Fund’s program are driving the PKR lower.
“Nonetheless, it’s near a fair value,” Soomro added.
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, tweeted that he believed the currency would continue to depreciate unless the SBP intervenes or makes further use of monetary policy tools.
INTER BANK MARKET
Y’day, #PKR made two attempts in the I/B market to break crucial level of 170 per $. This is psychological level never seen before.
Suspect without SBP intervention or further use of its monetary tool, nothing can stop Dollars advance, which is bad for ECONOMY— Asad Rizvi (@asadcmka) September 29, 2021
The PKR also lost 19 paisas against the Euro, 1 paisa against the Australian Dollar (AUD), and 14 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
Meanwhile, it appreciated by Rs. 1.90 against the Pound Sterling (GBP) and 14 paisas against the Canadian Dollar (CAD),
Congrats Youtheo
اور کتنا منہ کالا کرانا باقی ہے؟