Rupee steeps all-time low against US dollar
Not a good opening for the rupee on Friday (today) as the United States dollar has crossed the 175 mark in the intraday trading market.
As per the forex traders and brokers, currently, the rupee is being traded at the price of Rs 175.70 against the US dollar after depreciating by Rs1.51 since the morning.
Yesterday, the State Bank of Pakistan (SBP) mentioned that PKR closed at the value of Rs174.19. Today, the dollar appreciated more than Rs1.51 to push Pakistani local currency past the 175 mark.
The dollar is flying high in the open market as it trades at Rs177.10.
It should be mentioned that the IMF deal with Pakistan news along with Saudi Arabia’s financial support boosted the market sentiments in a positive way. After which rupee started to stabilize for 10 straight days but the appreciation journey was halted after no breakthrough was seen with IMF deal signatures.
On the other hand, Saudi Arabia’s financial support of cash deposits along with deferred petroleum payment option MoU is expected to be signed soon.
According to financial experts, this news may act as a support for the rupee appreciation against the dollar.