Karachi March 21 2022: Pak rupee losses 68 paisa or 0.38 percent against US dollar on Monday and closed at 181.25 against Friday’s closing of PKR 180.57.
This is despite the fact that government has signed an historic Reko Dig case in which Pakistan get waiver of USD 10 billion penalty as a result of out of court settlement and current account deficit fell sharply to USD 545 million in February 2022.
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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.
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.
