Rupee Plunges to A New Record Low Against the US Dollar

The Pakistani Rupee crashed to a new all-time low against the US Dollar today. The Rupee depreciated by 69 paisas against the dollar and closed at 173.47. The local currency’s prior record low against the US Dollar (USD) was 172.78. Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, has returned to Washington, D.C., to resume talks with the International Monetary Fund, according to the spokesperson. Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said negotiations between the fund and Pakistan had taken a “very good step.” Since the start of the fiscal year 2021-2022, the PKR has slid by 15.93 rupees, with the currency closing at 157.54 rupees on June 30, 2021. Former Treasury Head-Chase Manhattan Bank, Asad Rizvi, says that even after the IMF’s review process ends, markets will keep an eye on the Financial Action Task Force (FATF)’s upcoming decision on removing Pakistan from its grey list. The PKR also depreciated against other major currencies today. It lost Rs. 1.5 paisas against the Euro, Rs. 1.62 against the Pound Sterling (GBP), Rs. 1.15 against the Canadian Dollar (CAD), and Rs. 2.07 against the Australian Dollar (AUD) today. Similarly, it lost 18 paisas against the Saudi Riyal (SAR) and 19 paisas against the United Arab Emirates Dirham (AED).