Rupee drops to new record low, closes near 171

Pakistan’s rupee reached a fresh low against the US dollar, closing near the 171 level in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the PKR closed at 170.96 against the USD, a day-on-day decline of 16 paisas or 0.09 per cent. This is the weakest the rupee has been against the US currency, surpassing the 170.8 recorded earlier.

With a fresh fall of 0.09pc, the rupee has cumulatively shed 12.27pc (or Rs18.69) since its recent high of Rs152.27 recorded on May 14.

Meanwhile, the currency lost around 8.51pc or Rs13.42 since June 2021.

The rupee recorded a depreciation of Rs0.16 on Wednesday, two days after the Pakistan Bureau of Statistics reported that the country’s import bill surged to $6.47 billion in September 2021.

Earlier on Tuesday, the greenback had held its ground, remaining unchanged at Rs170.80 against the United States (US) in the inter-bank currency market.

On Wednesday, US crude rose to its highest level since 2014 but pared gains and was last off 0.15pc to $78.81 a barrel. Brent crude lost 0.07pc to $82.46 per barrel, having hit a three-year high in the previous session.

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