AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

Pakistan's currency was thrown deeper into oblivion on Thursday, with the rupee closing near the 192 level against the US dollar amid deepening economic woes and no policy-plan in sight.

Driven by market speculation and panic over low foreign exchange reserves, the rupee has been on a downward trend for several weeks, and fell for the sixth session on Thursday.

As per the State Bank of Pakistan (SBP), the rupee closed at its all-time low of 191.77 after a day-on-day fall of Rs1.75, or 0.91%.

In the open market, the rupee was trading in the 192-193 range with dealers saying that there is a clear shortage of dollars as well, attributing it to a lack of greenback sellers.

Another record low: Rupee crosses 190 as currency's ride into oblivion continues

The currency crisis has been worsened due to uncertainty regarding resumption of the International Monetary Fund (IMF) bailout programme and Pakistan government's willingness to meet conditions of the Washington-based lender.

On Wednesday, rupee had closed at its then historic low of 190.02 against the greenback after a day-on-day fall of Rs1.36, or 0.72%.

Pak-Kuwait Investment Company Head of Research Samiullah Tariq said quotes went as high as 192 during the day.

“Banks gave quotes of Rs192 and more as well, however, it is uncertain if rupee traded at that value or not,” he said.

Ismail Iqbal Securities Head of Research Fahad Rauf told Business Recorder that the latest depreciation stems from speculation in the foreign exchange market ahead of a meeting between Pakistan’s economic managers and IMF leadership.

An announcement with regards to the IMF programme is in the offing, which is expected to steer the direction of the local currency in the next few days.

Market projects the rupee will remain volatile until the resumption of $6 billion IMF bailout.

Inter-bank market rates for dollar on Thursday

BID Rs191.30

OFFER Rs191.50

Open-market movement

In the open market, the PKR lost one rupee for buying and 50 paisas for selling against USD, closing at 192 and 193, respectively.

Against Euro, the PKR gained one rupee for both buying and selling, closing at 200 and 202, respectively.

Against UAE Dirham, the PKR lost 50 paisas for both buying and selling, closing at 52 and 52.50, respectively.

Against Saudi Riyal, the PKR lost 30 paisas for buying and 40 paisas for selling, closing at 50.70 and 51.20, respectively.

Open-market rates for dollar on Thursday

BID Rs192

OFFER Rs193

Comments

Comments are closed.