Rupee Crashes to New All Time Low Against US Dollar

After starting the day’s trading at 297.8 versus the US dollar in the interbank market, the Pakistani rupee plunged to a new record low today.

It was negative at 12 PM, losing 1 rupee to the dollar and dropping as low as 298 after caving in to opening-bell bears.

Later, between 1:30 and 2:30 PM, it dropped to the 299 level and set patterns for the rest of the day.

Open market rates (documented) were in the 303–308 range at several currency counters.

The PKR lost Rs. 1.87 against the dollar today and decreased by 0.63 percent to settle at 299,01.

The dreaded 300 was predicted to appear in the interbank today by traders. “There was a little drama right at the finish, but we anticipate seeing 300 tomorrow and a modest resistance to fend off the drop until the local unit mounts a defence. After passing $300, anticipate a temporary halt to the rupee’s decline, one of them added.

Since the International Monetary Fund authorised a new $3 billion rescue arrangement for Pakistan in July, trends have remained substantially in the negative. At first, Malik Bostan and other well-known analysts predicted that the PKR would increase above 250, and the local currency did surge as high as 275.4. However, since then, the interbank rate for US dollars has increased by Rs. 25.

The black market rate, which trades in the 312–318 range, has also gotten further away from the bank rate. Currency dealers anticipate more slippage tomorrow. Multiple record lows of 300 to 305 could occur in August.

Relevantly, since January 2023, the rupee has lost about Rs. 80. It has lost more than 127 rupees since April 2022 in relation to the US dollar. According to today’s changes in exchange rates, the PKR has decreased by Rs. 1.87 in value relative to the dollar.

A significant development was that according to data released by the Economic Affairs Division (EAD), Pakistan borrowed $2.891 billion in July 2023 from a variety of financial sources, which was less than the $17.62 billion annual budget predictions for the current fiscal year 2024.

For the current fiscal year, the government has allocated $17.619 billion from a variety of funding sources, including $17.384 billion in loans and $234.60 million in grants. Debt pressures have been mentioned by a few analysts as one of the main things that could harm the PKR in 2023–2024.

On the interbank market today, the PKR was in the red relative to every other significant currency. It lost Rs. 2.29 and Rs. 4.17 in relation to the Australian Dollar (AUD) and British Pound (GBP), respectively.

Additionally, in today’s interbank currency market, it lost 49 paisa’s against the Saudi Riyal (SAR), 50 paisas against the UAE Dirham (AED), Rs. 1.33 against the Canadian Dollar (CAD), and Rs. 2.93 against the Euro (EUR).

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