Pakistani Rupee hits new record low against US dollar

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Pakistani Rupee hits new record low against US dollar

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-bank market today. It hit an intra-day low of Rs. 176.3 against the Dollar during today’s open market session.

The local currency depreciated by 0.42 percent against the USD and closed at 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 November when it closed at Rs. 175.73.

The former Secretary-General of the Exchange Companies Association of Pakistan, Zafar Paracha, told a financial daily that the downward slide of the PKR is remarkable, given the strong performance of all major economic indices, the significant decline in international commodity prices, and the recent favorable comment by Finance Adviser Shaukat Tarin.

He remarked that the current Rupee depreciation could be a result of conditions set out by the International Monetary Fund (IMF).