KARACHI: 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.

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.

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 Bid       Rs 178.30Open Offer     Rs 179.50========================

Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

========================Open Bid       Rs 177.43Open Offer     Rs 177.53========================

RUPEE IN LAHORE: The Pak rupee continued its losing streak for the second straight day against the greenback and the British pound in the local currency market on Wednesday.

The short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 179.00 and Rs 179.90 against the overnight closing rate of Rs 178.00 and Rs 179.00, respectively, local currency dealers said.

Similarly, the rupee also followed suit in relation to the pound sterling that was bought and sold at Rs 233.70 and Rs 235.50 against Tuesday’s closing trend of Rs 232.50 and Rs 234.50, respectively, they added.

Copyright Business Recorder, 2021