Rupee Barely Avoids New Record Low Against the US Dollar

The Pakistani Rupee appreciated by two paisas against the US Dollar and closed at 171.18 today. This is after it dipped to a record low against the US Dollar (USD) to 171.20 yesterday. Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said that the State Bank of Pakistan’s declining foreign exchange reserves are not helping the devaluation of the Pakistani Rupee (PKR). The foreign reserves held by the central bank fell week-over-week by $31 million from $19,169.1 to $19,138.4 million on 8 October. A currency dealer at a commercial bank said that demand for the US currency is high due to import payments.   The PKR also lost 67 paisas against the Euro, 37 paisas against the Pound Sterling (GBP), 64 paisas against the Canadian Dollar (CAD), and 47 paisas against the Australian Dollar (AUD) today. Meanwhile, it stayed stable against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).