Rupee Slips to A New All-Time Low Against the US Dollar Despite Big Gains Against Others

The Pakistani Rupee (PKR) slid to a new all-time low against the US Dollar on Thursday. It lost 17 paisas against the dollar to close at 170.66 after posting an intra-day low nearing 171.

It broke yesterday’s record low of 170.48, which was the first time ever that rupee closed the day at over 170 against the US Dollar.

Market research company, Capital Stakes, noted that the PKR has lost 2.57 percent during the month of September.

#Pakistani Rupee Records New All-time Low! The Rupee has lost 2.57% in September'21. #Pakistan #economy #forex #ExchangeRate #Dollar #Rupee #Currency pic.twitter.com/eKWx7mXdaG

— Capital Stake (@CapitalStake) September 30, 2021

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, said in a tweet that swap points increased by 65 paisas in the past ten days, which hints at forward demand for the rupee.

INTER BANK MARKET

After break of crucial 170 levels, it is expected that today #PKR will trade within 25-30 paisa band.
However,in last 10-days, Swap points surged,6-months by 65 paisa hinting forward demand for PKR. But simultaneously it narrowed the interest differential gap

— Asad Rizvi (@asadcmka) September 30, 2021

Tresmark Analyst, Yaqoob Abubakar, told ProPakistani, “As per market observers, rupee is under pressure due to higher international oil prices and other external payments.”

US Dollar trading at 171!

Current Spot Rate- PKR 171.0000/US$
Day's High- PKR 171.0000/US$
Day's Low – PKR 170.2500/US$
Open – PKR 170.8750/US$
Prev. Close – PKR 170.8750/US$

Source: Market Insider#Pakistan #economy #currency #forex #ExchangeRate #Dollar #Rupee pic.twitter.com/raidbbM9Vq

— Capital Stake (@CapitalStake) September 30, 2021

Capital Stakes tweeted that the PKR traded at an intra-day low of 171 against the USD.

In contrast, the PKR appreciated 76 paisas against the Euro, Rs. 1.10 against the Pound Sterling (GBP), 17 paisas against the Canadian Dollar (CAD), and 55 paisas against the Australian Dollar (AUD).

Meanwhile, it lost 5 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).