Rupee Just 5 Paisas Away from Breaking All-Time Record Against the US Dollar

The Pakistani Rupee (PKR) lost 4 paisas against the US Dollar (USD) on Friday to close at 169.08. The currency depreciated by 35 paisas against the USD and closed at 169.03 on September 23. It is gradually nearing the all-time low of 169.12 against USD that it crashed to on September 15. Meanwhile, Pakistan’s foreign exchange reserves declined to $26.40 billion in the week ended September 17, the State Bank of Pakistan (SBP) said on Thursday. The foreign currency reserves held by the SBP were recorded at $19,543.4 million, down by $479 million from $20,022.7 million recorded on September 10. In contrast, back on August 27, foreign exchange reserves held by the central bank surged to a record-high of $20.15 billion after Pakistan received its allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF). Talks with the IMF over an additional $1 billion loan under its $6 billion loan program will start on October 4. Other than the rampant dollar, the Australian dollar and other currencies recovered some lost ground against the PKR. The Pakistani Rupee lost 47 paisas against the Euro, 103 paisas against the Pound Sterling (GBP), 8 paisas against the Canadian Dollar (CAD), and 31 paisas against the Australian Dollar (AUD), in the interbank market today.