Rupee Set to Break All-Time Record Against the US Dollar

Continuing with its declining dynamism, the Pakistani Rupee (PKR) lost 35 paisas against the US Dollar (USD) on Thursday to close at 169.03.

The currency depreciated by 16 paisas against the USD and closed at 168.68 on September 22. It is nearing the all-time low of 169.12 against USD that it crashed to on 15 September.

In a bid to better forecast imports and indirectly address the PKR depreciation, the State Bank of Pakistan has directed banks to share a five-day schedule of upcoming import payments.

The central bank also ordered commercial banks to seek authorization for import payments valued at over $500,000 per transaction. With this directive, the central bank lowered the prior payment cut-off of $1 million per transaction.

The government raised Rs. 842.3 billion for three-month treasury bills at an auction held on September 22, in which the cut-off yields on treasury bills were increased by up to 49 basis points.

The PKR has also depreciated against other major currencies. It has lost 1 paisa against the Euro, 68 paisas against the Pound Sterling (GBP), 1.42 paisas against the Canadian Dollar (CAD), and 45 paisas against the Australian Dollar (AUD).

Source: Pro Pakistani