{"id":2858,"date":"2021-09-28T16:16:42","date_gmt":"2021-09-28T16:16:42","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=2858"},"modified":"2021-09-28T16:17:26","modified_gmt":"2021-09-28T16:17:26","slug":"rupee-drops-to-historic-low-of-rs169-97-against-us-dollar","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/rupee-drops-to-historic-low-of-rs169-97-against-us-dollar\/","title":{"rendered":"Rupee drops to historic low of Rs169.97 against US dollar"},"content":{"rendered":"<p>KARACHI: The Pakistani rupee closed at a historic low of Rs169.97 against the US dollar on Tuesday, according to data released by the State Bank of Pakistan (SBP).<br \/>\nWith a fresh fall of 0.22%, the local currency breached the lowest level of Rs169.6 registered yesterday (Monday).<br \/>\nThe Pakistani currency closed at 169.97 against the greenback, a decline of 52 paisas or 0.31%, the central bank&#8217;s data showed.<br \/>\nSpeaking to a private news channel, Arif Habib Limited (AHL) Head of Research Tahir Abbas said: &#8220;The pressure on the currency is import-driven.&#8221;<br \/>\nThe analyst also cited geopolitical concerns \u2014 the ongoing uncertainty in Afghanistan \u2014 and the increase in international commodity prices as major reasons behind constant depreciation in the rupee value.<br \/>\nThe rupee has cumulatively shed 11.62% (or Rs17.7) since its recent high of Rs152.27 recorded on May 14.<br \/>\nSince June, it has lost around 7.89% or Rs12.43.<br \/>\nAbbas said the government and the central bank are taking &#8220;proactive measures which will help the currency consolidate, going forward&#8221;.<br \/>\nThe central bank recently amended laws of consumer financing which will help moderate demand growth in the economy, leading to slower import growth and lending support to the balance of payments.<br \/>\n&#8220;The government is also working on policies to curb the import of luxurious goods,&#8221; he added.<br \/>\nThe analyst predicted that the currency will now stay within the range of Rs169-170, going forward.<br \/>\n&#8220;As Pakistan is about to begin talks with the International Monetary Fund (IMF) from October 4, and likely we will resume the $6 billion programme, the pressure on the currency will ease,&#8221; Abbas elaborated.<br \/>\nMoreover, with things settling in neighbouring Afghanistan, the currency parity is expected to improve.<br \/>\n<em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/average-us-dollar-to-rupee-exchange-rate-to-be-rs-173-53-by-june-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">Average US dollar to Rupee exchange rate to be Rs 173.53 by June 2020<\/a><\/strong><\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Interbank closing <a href=\"https:\/\/twitter.com\/hashtag\/ExchangeRate?src=hash&amp;ref_src=twsrc%5Etfw\">#ExchangeRate<\/a> for today: <a href=\"https:\/\/t.co\/1gb7TPK4FD\">https:\/\/t.co\/1gb7TPK4FD<\/a> <a href=\"https:\/\/t.co\/bpVNqTQCHv\">pic.twitter.com\/bpVNqTQCHv<\/a><\/p>\n<p>&mdash; SBP (@StateBank_Pak) <a href=\"https:\/\/twitter.com\/StateBank_Pak\/status\/1442799998752542721?ref_src=twsrc%5Etfw\">September 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The Pakistani rupee closed at a historic low of Rs169.97 against the US dollar on Tuesday, according to data released by the State Bank of Pakistan (SBP). With a fresh fall of 0.22%, the local currency breached the lowest level of Rs169.6 registered yesterday (Monday). The Pakistani currency closed at 169.97 against the greenback, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":2859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,2],"tags":[389,1247,572,599,1244,160,273],"class_list":["post-2858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","category-pakistan","tag-afghanistan","tag-international-monetary-fund","tag-sbp","tag-state-bank-of-pakistan","tag-us-dollar","tag-imf","tag-pti-government"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/2858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=2858"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/2858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/2859"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=2858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=2858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=2858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}