Rupee Slides Further to a New Record Low Against the US Dollar

The Pakistani Rupee slid to a new low against the US Dollar today. It depreciated by 32 paisas against the dollar to close at 170.80.

The local currency recovered slightly against the US Dollar (USD) on Friday after registering consecutive record lows throughout the week and an all-time low of 170.66 on Thursday.

Fitch Ratings published a report saying that it expects the rupee to depreciate even further in 2022. It downgraded its forecasts for the PKR’s average rate against the USD to 180 in 2022 as compared to its prior projection of 165.

Chase Manhattan Bank’s former Treasury Head, Asad Rizvi, tweeted that rupee volatility will likely persist until talks with the International Monetary Fund conclude.

Furthermore, on Sunday, the International Consortium of Investigative Journalists exposed a significant number of Pakistani politicians, businessmen, and media tycoons who own offshore assets.

The Minister of Interior, Sheikh Rasheed Ahmad, said, “The FIR has been empowered to crack down on dollar holdings”.

The PKR also depreciated against other major currencies today. It lost Rs. 1.01 against the Euro, Rs. 1.98 against the Pound Sterling (GBP), Rs. 1.16 against the Australian Dollar (AUD), and Rs. 1.16 against the Canadian Dollar (CAD).

It also lost nine paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Source: Pro Pakistani