Advertisement

Rupee Continues Its Downward Trajectory to Break All Previous Record Lows

The Pakistani Rupee sank to a new record low against the US Dollar today as it depreciated by 43 paisas against the dollar and closed at 174.43.

Advertisement

It went past its previous record low against the USD on Friday when it closed at 174.00.

Image

The Pakistani Rupee has depreciated by 12.7 percent since its high on 14 May, amid high international commodity prices and a widening current account deficit. Fitch Ratings downgraded its forecast for the PKR in 2022 to an average rate of 180 against a prior forecast of 165.

 

However, data released by the State Bank of Pakistan (SBP) showed that the current account deficit narrowed to $1.113 billion in September from $1.473 billion in August.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, said that the delay in a final announcement regarding talks with the International Monetary Fund is dragging out the uncertainty in the money market.

Image

The PKR also depreciated against other major currencies today. It lost 96 paisas against the Euro, 27 paisas against the Pound Sterling (GBP), 28 paisas against the Australian Dollar (AUD), and 33 paisas against the Canadian Dollar (CAD).

Advertisement

It also lost 11 paisas against the Saudi Riyal (SAR) and 12 paisas against the United Arab Emirates Dirham (AED) today.

Advertisement

Advertisement

See ProPakistani in...
ProPakistani App
close
>