Rupee drops to historic low against US dollar
Rupee drops to a new historic low against the US Dollar on Friday.
- Currency closes at 175.73 in the inter-bank market on Friday
- Buying rate for the public touches 178 in the open market
- the rupee depreciated for the fifth successive time
The local currency depreciated around Rs1.54 against the US Dollar and settle at Rs175.73 at the interbank.
As per the State Bank of Pakistan (SBP), the PKR closed at 175.73 against the USD after a day-on-day depreciation of Rs1.54 or 0.88%
On Thursday, the PKR had dropped to 174.19 against the USD.
Interbank closing #ExchangeRate for today:https://t.co/GvctANz3jH pic.twitter.com/K953ntLpQH— SBP (@StateBank_Pak) November 12, 2021
As being reported, an Rs1.81 decline in the inter-bank market during intra-day trading due to current account deficit pressure dragged the Pakistani rupee to a record low.
The demand for the foreign currency is said to have stood higher than supply amid an increase in import payments, rising global commodity prices, and uncertainty about the resumption of the IMF loan programme.
The Pakistani currency last dropped to a record low of Rs175.26 against the US currency on October 26.
The rupee has lost nearly 10% of its value against the US dollar calendar-year-to-date.