US dollar slides by 73 paisas against Pakistani rupee

Karachi: US dollar on Thursday decreased by 73 paisas against Pakistani rupee in the interbank market.

It is pertinent to mention here that Pakistani rupee had staggered to all-time low of Rs178.24 on December 29.

The rupee appreciated by 0.41 per cent against dollar in the interbank market, according to the data shared by the State Bank of Pakistan. It recovered 73 paisas and traded at Rs177.51.

Meanwhile, in the open market, the rupee decreased by 50 paisas to Rs180.30.

Interbank closing #ExchangeRate for today: https://t.co/w9X42G7pf9 pic.twitter.com/ie3z6zjs18

— SBP (@StateBank_Pak) December 30, 2021

According to data shared by SBP, the current account deficit was $1.76 billion in October and $1.98 billion in November.

In December, Pakistani currency has been under immense pressure and the value of the greenback surged Rs2.98, breaking all records.

On Wednesday, the Pakistani rupee continued to slip and slide Tuesday and tumbled against US dollar in the interbank market at the close of the trading session.

The Pakistani rupee continued its downward slide against the US dollar, dropping to an all-time low of Rs178.24 in the interbank market.

The plunge came on the back of a mammoth import bill for November and widened the current account deficit.

The rupee has maintained the downtrend for the past seven months. It has lost 16.82% (or Rs25.67) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.03%, the rupee has depreciated by 13.13% (or Rs20.7) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

A day earlier, as per the State Bank of Pakistan, the local currency depreciated around Rs0.01% against the greenback to settle at Rs178.19 in interbank market and faltered to all-time low of Rs178.19. It recorded a decrease of 2 paisas.