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Dollar rate: Another day, another record-low for Pakistani rupee

The rupee has slumped by Rs1.29 in two days

SAMAA | - Posted: Dec 3, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: Dec 3, 2021 | Last Updated: 2 months ago

Photo: AFP

The Pakistani rupee continued it fall on Friday hitting another record low against the US dollar in the interbank market, despite policymakers taking fresh measures to try to put a floor under the sliding currency and stave off a full-blown financial crisis.

The news about a widening trade deficit did not sit well with the market and led to a setback for the local currency as the US dollar rate appreciated by Rs1.29 in two days in the interbank market.

According to the data shared by the State Bank of Pakistan, the value of the Pakistani rupee depreciated by 0.20% on Friday. It recorded a fresh decrease of 35 paisas in the interbank market, pushing the dollar to an all-time high of Rs.176.77.

Meanwhile, in the open market the dollar rose by 90 paisas and traded between Rs178.20 and Rs178.70. It recorded a total increase of Rs2.2 over two days.

Here are the open market rates of major currencies on December 3, 2021:

CurrencyBuyingSelling
USD178.20178.70
Saudi Riyal46.8047.30
UAE Dirham49.0050.00
UK Pound233.50236.00
Euro198.50201.00
Japanese Yan1.531.55
AUD123.60125.00
CAD136.50138.00
Chinese Yuan27.0028.00

Earlier in the day, the Pakistan Stock Exchange witnessed a bearish trend, again on Friday. It lost 197 points in the KSE-100 index during the first session. The market, after the first half of the day, stood at 43,037 points.

According to the data shared by the Petroleum Division, Pakistan’s circular debt, during the first half (July – October) of the fiscal year 2021-2022, has increased by Rs139 billion.

Pakistan’s imports data revealed that in the first five months of the current fiscal year the trade deficit ballooned to $20.74b – the highest trade deficit recorded in a single month.

However, November’s exports surpassed the target of $2.6b and stood at $2.9b.

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2 Comments

  1. Zay  December 4, 2021 1:25 pm/ Reply

    Still 48.2 in uae almost everywhere.
    Stop irritating pak economy we always in best hopes.

  2. Iftikhar rehbar.  December 6, 2021 12:04 am/ Reply

    As dollar is moving up day to day it shows that government of Pakistan is helpless to control the down fall of Pakistani rupee. Government should realize that they have committed blunders in the matter of Afghanistan. Although usa troops were compelled to leave Afghanistan but this government will have to face the most serious threats and serious consequences. And now nobody will come to help the poor people of Pakistan at this stage. So it is a total collapse of Pakistan foreign policy. Difficulties will have to face by the poor citizens of Pakistan. In foreign affairs there is no eternal friend as well as enemy. It is enough for government to learn. Thanks

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