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Rupee Crashes to Unforeseen Record Low Against the US Dollar

The Pakistani Rupee crashed to a record low against the US Dollar today. PKR depreciated by 1.60 against the dollar and closed at 172.78 after touching an intra-day low of about 173.

This comes after hitting consecutive record lows against the US Dollar (USD) throughout last week.

As per market participants the FX market is closed tomorrow therefore there were high import payment demands today after the weekend, says Yaqoob Abubakar from Tresmark.

The Pakistani Rupee (PKR) was being traded at Rs. 173 against the dollar at 12:37 pm. It said surging crude oil, gas, and commodity prices in international markets are ramping up pressure on the rupee.

Former Treasury Head-Chase Manhattan Bank, Asad Rizvi, wrote on Twitter about the delays in Pakistan and the International Monetary Fund’s (IMF) talks.

Pakistan and the IMF are continuing the review of Pakistan’s performance under the $6 billion loan program today. However, no timeline or final date has been set for the conclusion of the talks.

Shaukat Tarin was appointed Adviser to the Prime Minister on Finance and Revenue today.

The PKR also depreciated against other major currencies today. It lost Rs. 1.4 paisas against the Euro, Rs. 2.44 paisas against the Pound Sterling (GBP), 62 paisas against the Canadian Dollar (CAD), and 63 paisas against the Australian Dollar (AUD) today.

Similarly, it lost four paisas against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Source: Pro Pakistani

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