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.

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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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