Rupee Nears All-Time Low Against US Dollar After Yet Another Crash

The Pakistani rupee (PKR) slid further against the US Dollar and posted losses during intraday trade today.

The Pakistani rupee was all red during the early hours of intraday trade today with the interbank rate losing over Rs. 4 to reach 281 by 11 AM. By 11:25 AM, it dropped to 284 and stayed at this level.

At close, the rupee depreciated by 1.13 percent and suspended movement at 282.3 after losing Rs. 3.17 against the greenback.

The rupee reported huge losses for the second day in a row today after Finance Minister Ishaq Dar claimed the government will soon reach an agreement with the International Monetary Fund (IMF).

At a seminar earlier today, the country’s top finance official said the government was hopeful of striking a deal with the lender in the coming days. Dar further reminded that only his political party had previously completed an IMF program.

The rupee is down over Rs. 50 since its record-breaking single-day drop of Rs. 25 in the last week of January and has since then played in mostly red due to immense economic pressure. As per exchange rate movements witnessed today, the PKR has lost over Rs. 3 today, maintaining its downturn from last week’s plunge of 285.09 against the USD.

Money changers say markets were rattled after Dar’s desperate remarks on the IMF deal. If the bailout doesn’t get more clarity by close tomorrow, the rupee could drop further below 290. Next week will be crucial to ascertain near-term projections on exchange rate movements, they added.

The PKR was red against all of the other major currencies in the interbank market today. It lost Rs. 1.76 against the Canadian Dollar (CAD), Rs. 2.49 against the Australian Dollar (AUD), Rs. 3.67 against the Euro (EUR), and Rs. 4.46 against the Pound Sterling (GBP).

Moreover, it lost 84 paisas against the Saudi Riyal (SAR) and 86 paisas against the UAE Dirham (AED) in today’s interbank currency market.

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