KARACHI: Pak rupee losses 50 paisa or 0.28 percent against US dollar on Friday and closed at 180.57 against Thursday’s closing of PKR 180.07.
Pak rupee closed at all-time low as the foreign exchange reserves held by the central bank declined 1.4 percent or USD 241 million for the fifth consecutive week to USD 17.1 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.
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 12.75 percent against US dollar.
