The Pakistani rupee fell to its lowest against the US dollar in nearly ten months as Rupee tanked by 0.76% in interbank trading on Monday 2nd August, 2021.
The Pakistani currency closed at Rs 163.67 against the US Dollar, according to the State Bank of Pakistan (SBP). The dollar last touched 163 against PKR in October 2020.
The depreciation of the currency has continued since May this year when the current account started increasing and posted a heavy deficit of $1.3Billion in June-2021. Although Pakistan reported the highest export figures in July, many believe import costs will be even higher and the July-2021 Current Account deficit is expected between $800mn to $1 billion.
Increased Imports has led to pressure on Rupee as Trade Deficit rises.
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