Increasing current account deficit makes Pakistani rupee weak against dollar
Dollar rate recorded an increase of Rs1.48 in two days
Photo: AFP
The US dollar, once again, is on the verge of reaching to an all-time high of Rs175.73 in Pakistan as the current account deficit increases to $1.6 billion.
The Pakistani currency depreciated 0.33% Friday in the interbank market, it fell down by 57 paisas. The trading session closed at Rs175.24 per dollar. The greenback recorded an increase of Rs1.48 in last two days.
Earlier in the day, it was revealed that the current account during the month of October has reached $1.63 billion. This is $530million higher than September figures.
Earlier, the US dollar fell by Rs1.97 in the interbank market from November 15 to November 17. It had reached an all-time high of Rs175.73 on November 12. In the next nine-day, the value of the rupee decreased by almost Rs8.
Meanwhile, in the open market, the US dollar was traded at Rs176 and recorded an increase of 50 paisas in the closing.
Here are the open market rates of major currencies on November 19, 2021:
| Currency | Buying | Selling |
| USD | 176.00 | 176.50 |
| Saudi Riyal | 46.40 | 46.90 |
| UAE Dirham | 48.50 | 49.50 |
| UK Pound | 234.00 | 236.00 |
| Euro | 196.00 | 198.00 |
| Japanese Yan | 1.50 | 1.52 |
| AUD | 125.50 | 127.00 |
| CAD | 137.50 | 139.00 |
| Chinese Yuan | 26.00 | 27.00 |
The increase in the Pakistani value was pegged to the announcement by PM’s aide on Finance and Revenue Shaukat Tarin. On November 14, he said a $3b deposit from Saudi Arabia to prop up reserves is expected within couple of days. Pakistan is yet to receive it.
In the meeting, the central bank has increased the monetary policy rate by 150 basis points to 8.75%.
