Rupee Drops to An 11-Month Low Against the US Dollar

The Pakistani Rupee (PKR) fell to an 11-month low against the US Dollar (USD) today. It extended its recent sequence of posting losses versus the greenback in the interbank market, closing above 165 against the USD — its lowest since 30 September 2020. The local unit depreciated by 0.47 percent (Rs. 0.77) to close at Rs. 165.20 against the dollar.   ALSO READ SAPM on Finance Resigns Due to Alleged Differences With Shaukat Tarin While commenting on the rupee, the Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, said, The former Treasury Head at the Chase Manhattan Bank, Asad Rizvi, commented during the start of the trading that, He added that the PKR could trade in a wide range due to Afghanistan’s uncertainty. ALSO READ Pakistan Receives $2.75 Billion From IMF The rupee repeated yesterday’s trend of blanket losses against the other major currencies. It lost Rs. 0.95 against the Euro, Rs. 1.88 against the Pound Sterling (GBP), Rs. 1.48 against the Australian Dollar (AUD), and Rs. 1.75 against the Canadian Dollar (CAD). It also posted losses of 21 paisas against the UAE Dirham (AED) and 20 paisas against the Saudi Riyal (SAR) today.