Karachi September 11 2021: Pak rupee losses 36 paisa or 0.21 percent against US dollar on Friday and closed at 168.02 against Thursday’s closing of PKR 167.66, as per data shared by State Bank of Pakistan.
Pak rupee closed at 381 days high.
PKR closed at lowest level since August 26, 2020. The currency has weakened against US dollar due to rising pressure on external account.
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Currently reported highest ever trade deficit of US dollar 4,229 million during the month of August 2021. Economist are forecasting the current account deficit is expected to clock in at US dollar ~10 billion which is around three (3) percent of Gross Domestic Product (GDP) of the country. In past, country has posted highest ever current deficit of US dollar 19,195 million during Fiscal year 2018 as a result currency was depreciated 13.7 percent (16.6). Fiscal Year 2022 to date, the currency has depreciated 6.24 percent against US dollar.
To recall, the trade deficit jumped up by 144.2 percent YoY US dollar 4,229 million during August 2021. During 2MFY22, trade deficit increased by 119.9 percent to USD 7,491 million.
PKR has made its low against US dollar of 168.44 on August 26, 2020.