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Rupee Sinks to A New Low Against the US Dollar

The Pakistani Rupee sank to a fresh all-time low against the US Dollar today — it depreciated by five paisas against the dollar and closed at 174.00.

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It hit its previous record low against the US Dollar (USD) yesterday when it closed at 173.96.

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The country’s liquid foreign exchange reserves recorded a huge outflow of $1.64 billion in the week that ended on 15 October. Besides this, the Financial Action Task Force announced yesterday that it will keep Pakistan on the grey list.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, said that discussions with the International Monetary Fund are underway and that this is exacerbating pressure on the Pakistani Rupee (PKR).

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The PKR lost two paisas against the Pound Sterling (GBP), 21 paisas against the Australian Dollar (AUD), and one paisa each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED) today.

Meanwhile, it gained three paisas against the Euro and 14 paisas against the Canadian Dollar (CAD).

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