After successive holding strong for almost a week, the Pakistani rupee fell against the US dollar to 170.74 in the interbank market on Monday.
According to the State Bank of Pakistan (SBP), PKR closed at 170.74 per US dollar, or 0.12% higher. The Pakistani rupee fell to $ 170.96 last week, its lowest ever level, and then recovered slightly.
The rupee has been under pressure since May this year as the growing current account deficit and rising imports have put pressure on the country’s currency. As of August 2021, the current account deficit was $ 1,476 million, compared with a $ 814 million deficit in July, when the import bill rose to more than $ 6 billion and the SBP took various measures, including adjustments, to stem the rupee’s decline. Recommendations for exchange companies to improve transparency of foreign exchange transactions and reduce unwanted dollar outflow