Against USD: Pakistan's rupee weakens to record level

Pakistan's rupee continued to tumble against the US dollar, depreciating yet another 0.36% in the inter-bank market on Wednesday to hit its weakest level.

As per the State Bank of Pakistan (SBP), the PKR closed at 177.43 against the USD after a day-on-day depreciation of 64 paisas or 0.36%. On Tuesday, PKR closed at the then-record low of 176.79 against the USD.

The fall comes as pressure mounts on the currency amid a widening trade deficit and falling foreign exchange reserves.

Against USD: Pakistan's rupee drops to lowest level

The country’s trade deficit widened by 133.99% on a year-on-year basis and stood at $4.963 billion in November 2021 compared to $2.121 billion in November 2020. Imports witnessed 82.83% growth on a year-on-year basis in November 2021 and stood at $7.847 billion compared to $4.292 billion in November 2020.

Inter-bank market rates for dollar on Wednesday

BID Rs 177.43

OFFER Rs 177.53

Open-market movement

In the open market, PKR lost 60 paisas for buying and 70 paisas for selling against USD, closing at 178.30 and 179.50, respectively.

Against Euro, PKR lost 80 paisas for both buying and selling, closing at 199.50 and 201.40, respectively.

Against UAE Dirham, PKR lost 5 paisas for both buying and selling, closing at 49.36 and 49.85, respectively.

Against Saudi Riyal, PKR lost 15 paisas for both buying and selling, closing at 47 and 47.45, respectively.

Open-market rates for dollar on Wednesday

BID Rs 178.30

OFFER Rs 179.50