Pak rupee losses 48 paisa or 0.27 percent against US dollar on Tuesday and closed at 178.61 against Monday’s closing of PKR 178.13.
Pak rupee closed at all-time low.
The currency has weakened against US dollar due to rising pressure on external account.
Currently reported highest ever current account deficit of US dollar 2,556 million during the month of January 2022. Economist are forecasting the current account deficit is expected to clock in at US dollar ~18 billion which is around five (5) 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 current account deficit has reached to USD 11,579 million during 7MFY22 compared with surplus of USD 1,028 million during same period last year.
