Rupee Drops Even Lower Against the US Dollar

The Pakistani Rupee depreciated against the US Dollar again after posting gains yesterday to close at Rs. 167.66 today, up by 41 paisas. It gained 38 paisas against the US Dollar (USD) to close at Rs. 167.25 yesterday after it slipped to its lowest against the greenback since August 2020 on 7 September. The founder and CEO of Currency Market Associates, Asad Rizvi, tweeted that he did not expect the State Bank of Pakistan (SBP) to alter interest rates as inflation is moderate and the exchange rate is volatile. The local currency also depreciated against the other major currencies today. It lost 49 paisas against the Euro, 1.29 rupees against the Pound Sterling (GBP), 34 paisas against the Canadian Dollar (CAD), and 72 paisas against the Australian Dollar (AUD). It also added 11 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).