Business

Rupee Falls to Its Lowest Against the US Dollar Since August 2020

A macro image of a twenty rupee bank note from Pakistan close up with an American one hundred dollar bill

The Pakistani Rupee has slipped to its lowest against the US dollar since 28 August 2020.

It lost 40 paisas against the US dollar (USD) to close at Rs. 167.63.

Image

The local currency had closed against the USD at Rs. 167.43 on 28 August 2020.

The founder and CEO of Currency Market Associates, Asad Rizvi, tweeted that the market will ignore positive economic data and will focus on the negative. He warned that this will continue to exert pressure on the Pakistani Rupee (PKR) until the State Bank of Pakistan (SBP) intervenes, and until political uncertainty in Afghanistan eases.

Khurram Schehzad, an investment banker, said that the PKR has depreciated by 10 percent since May 2021, losing Rs. 15.57 against the USD in five months.

He warned that the currency’s devaluation will cause the “debt pressure to rise by Rs 1,800 billion”.

Image
The PKR also depreciated against other major currencies today. It lost 52 paisas against the Euro, 83 paisas against the Pound Sterling (GBP), 9 paisas against the Canadian Dollar (CAD), and 1 paisa against the Australian Dollar (AUD).
It also lost 11 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Related posts
BusinessPakistan

Over 8 Million Tax Non-Filers Receive Notices from FBR

Federal Board of Revenue (FBR) has taken decisive action by issuing notifications to more than 8…
Read more
BusinessPakistan

Pakistan Railways Set to Digitize Locomotive Records within Two Months

Ministry of Railways Initiates Digital Transformation for Locomotive Records and Fuel Management…
Read more
Business

PIA Seeks Government Assistance with Rs15 Billion Loan Amid Liquidity Crisis

ISLAMABAD: Pakistan International Airlines (PIA) sent an SOS (Save Our Ship) to the State Bank of…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *