The Pakistani Rupee (PKR) slid to a new record low against the US Dollar(USD) and depreciated by 74 paisas against the greenback in the inter-bankmarket today. It hit an intra-day low of Rs. 176.3 against the Dollarduring today’s open market session.
The local currency depreciated by 0.42 percent against the USD and closedat Rs. 176.20 today after it posted losses of 48 paisas and closed at Rs.175.46 in the inter-bank market on Friday, 26 November.
[image: rates daily]
The local currency hit its last record low against the USD on 12 Novemberwhen it closed at Rs. 175.73.
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The former Secretary-General of the Exchange Companies Association ofPakistan, Zafar Paracha, told a financial daily that the downward slide ofthe PKR is remarkable, given the strong performance of all major economicindices, the significant decline in international commodity prices, and therecent favorable comment by Finance Adviser Shaukat Tarin.
He remarked that the current Rupee depreciation could be a result ofconditions set out by the International Monetary Fund (IMF).
