Rupee continues slide against US dollar, hits newest record low

Closes at Rs174.10 in interbank market

The Pakistani rupee’s slide continued against the United States (US) dollar in the inter-bank currency market on the fourth day of the trading week, depreciating by another 60 paisa to reach another low of Rs174.10 in the interbank market, down from the previous day’s closing rate of Rs173.50.

According to the Forex Association of Pakistan (AFP), the buying rate of the greenback was recorded at Rs174 and the selling rate at Rs174.10 in the interbank trade by the session’s end.

The dollar’s value in the open market was recorded at Rs174.40 after the greenback appreciated by 20 paisa at around 4:20 pm. The currency’s buying rate in the open market was recorded at Rs174 and the selling rate at Rs174.40 at the time, data compiled by the forex association showed.

report by Mettis Global, a web-based financial data and analytics portal, identifies the surging prices of oil and other commodities in the international market as another reason for the latest round of erosion in the rupee’s value.

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At the beginning of this week, the rupee fell to 172.78 against the US dollar, breaching last week’s low of 171.13, amid uncertainty regarding resumption of the International Monetary Fund’s (IMF) $6 billion Extended Fund Facility (EFF).

Currency experts state that clarity on the talks will stabilise rupee.

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