Pakistani Rupee Remains Stable Against US Dollar

The Pakistani Rupee fell by one paisa against the US Dollar to close at 170.81 today. Yesterday, the local currency closed at an all-time low against the dollar at 170.80, following last week’s negative trajectory. The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, tweeted that it will be easy for the government to manage the widening deficit and rising inflation in the near future. The Pakistan Bureau of Statistics released data yesterday, showing that the country’s trade deficit had swelled more than 100 percent year-over-year in the period from July to September. The PKR lost 76 paisas against the Pound Sterling (GBP), two paisas against the Australian Dollar (AUD), and 21 paisas against the Canadian Dollar (CAD). It stayed against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED). Meanwhile, it gained 39 paisas against the Euro.