Rupee sets new low of 170.8 against dollar; fifth in 6 sessions

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After setting four all-time lows against the US dollar during the last week, Pakistani rupee is back on the record-making streak by falling to another historic low against the greenback.

According to the State Bank of Pakistan, the local unit depreciated by 32 paisas (-0.19 percent) against the greenback, as the US dollaropened at Rs170.48 and closed at Rs170.80. Within open market, the rupee was traded at Rs171/172.5 per dollar, showing a little bit of strength as on Friday it touched 173 mark.

Earlier, the rupee made a historic low of 169.60 on Monday last against the US dollar. Later, this depreciation deteriorated to 169.97 on Tuesday last. Again, the all-time low level was set at Rs170.48 on Wednesday last and then the local unit set yet another new low of 170.66 against the US dollar on Thursday last.

The Pakistani rupee shed Rs1.40 during the last week against the US dollar, while depreciation during the fiscal year 2021-22 has been Rs13.38. The local unit has shed Rs10.53 against the US dollar in the current year 2021. The local currency has maintained a downtrend after it touched 22-month high of Rs152.27 in May 2021, losing a cumulative Rs18.49 in the past five months to date.

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