The value of the Pakistani rupee continued to stagger in the interbank market and once again has hit another record low. On December 24, it had halted an 11-day losing streak amid a $300 million loan deposit from the Asian Development Bank before the long weekend.

However, the pressure on the rupee returned and recorded a depreciation of 0.02% on Monday, according to the data shared by the State Bank of Pakistan. The dollar increased by 4 paisas and jumped to an all-time high of Rs178.17.

Interbank closing #ExchangeRate for today: https://t.co/RHyjObkjod pic.twitter.com/CPhuTVcYRh

— SBP (@StateBank_Pak) December 27, 2021

Exchange Companies Association General Secretary Zafar Paracha said that pressure on the local currency has eased due to a fall in crude oil prices.

“The value of greenback will further slide down as the Omicron outbreak has slowed down the global economic growth,” he added.

Meanwhile, in the open market, the dollar increased by 10 paisas and reached an all-time high of Rs181.

Here are the open market rates of major currencies on December 27, 2021

The $300 million loan, on the other hand, has increased Pakistan’s foreign exchange reserves. It has been deposited with SBP for energy sector reforms.

The value of Pakistani currency has been under immense pressure amid country’s widening trade deficit. In December, the value of the US dollar surged Rs2.87, breaking all records.

Pakistan’s Current Account Deficit has hit $7 billion in the first five months of the fiscal year 2021-22.

According to SBP, the current account deficit was recorded at $1.76 billion in October and $1.98 billion in November.

The central bank has also tightened rules governing the sale and purchase of foreign exchange in an attempt to curb the buying and selling of dollars.

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