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Rupee continues to slide, touches new all-time low

By: SteelBis Research

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The rupee continued on its downtrend on Friday as the currency dipped 0.20% in the interbank session on day to a fresh all-time low at Rs176.77 against the US dollar in the inter-bank market on the back of widening trade deficit and historic high imports.

Cumulatively, the currency has shed nearly Rs1.31 during the week. All gains recorded earlier during the week on the back of a deal signed by the State Bank of Pakistan (SBP) and Saudi Fund for Development (SFF) were wiped off later after the country recorded the highest-ever monthly trade deficit of $5.1 billion during the month of November.

The rupee has lost its value against the greenback by 16.08% over the last six months, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.20%, the rupee has depreciated by 12.20% (or Rs19.23) since the start of the current fiscal year on July 1, 2021, as per central bank data.

 

Total liquid foreign reserves held by the country stood at US$ 22.50 billion as of November 26, 2021, as compared to $22.77 billion as on November 19, 2021.

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