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Rupee drops to historic low against US dollar

US dollar soars to record Rs176 against Pakistani rupee on Friday

dollar rate on fridayRupee drops to historic low against US dollar | OyeYeah News
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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.

 

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.

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.