• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Trending:
  • Kashmir
  • Elections
Friday, July 11, 2025

Daily Times

Your right to know

  • HOME
  • Latest
  • Iran-Israel Tensions
  • Pakistan
    • Balochistan
    • Gilgit Baltistan
    • Khyber Pakhtunkhwa
    • Punjab
    • Sindh
  • World
  • Editorials & Opinions
    • Editorials
    • Op-Eds
    • Commentary / Insight
    • Perspectives
    • Cartoons
    • Letters to the Editor
    • Featured
    • Blogs
      • Pakistan
      • World
      • Ramblings
      • Lifestyle
      • Culture
      • Sports
  • Business
  • Sports
  • Lifestyle
  • E-PAPER
    • Lahore
    • Islamabad
    • Karachi

News Desk

Rupee hits 11-month low against US dollar

Continuing its downward slide, the Pakistani rupee dropped to an 11-month low against the US dollar after a fresh 0.65% fall on Wednesday.

The currency closed at 166.28 against the US dollar in the inter-bank market after a decrease of another Rs 1.1 or 0.65%, as per the State Bank of Pakistan (SBP).

The US dollar last hit the 166 level back in September last year. The Pakistani rupee has now depreciated 5.3% since June 2021, and 8.4% since its recent high against the dollar, according to AHL Research.

The rupee saw moderate volatility in session and traded in a range of 1.00 rupee per USD, showing an intraday high bid of 166.30 and an intraday low offer of 165.40. Within the open market, the rupee was traded at 166/166.20 per USD. According to the data compiled by Mettis Global, the home unit has weakened by 5.25% and 3.88% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a depreciation of 2.98%.

The PKR has been on a downward trajectory since May 2021, with the rising import bill and a widening current account deficit putting pressure on the rupee.

Samiullah Tariq, Head of Research and Development at Pakistan Kuwait Investment Company Limited, said the market-based exchange rate is determining the value now. “Since the implementation of the flexible exchange rate in 2019, flows from international lenders as well as international markets cannot be used to defend the currency,” he said, and added that the increase in demand of dollar and drop in supply amid import payments has increased the pressure on PKR. He was of the view that the exchange rate would stabilise at 167-168 level. In a tweet, Asad Rizvi, former treasury head-chase Manhattan Bank said, “After receiving $2.75 billion from IMF under new SDR allocation, the market expected that the direction of PKR would change as central bank’s reserves reached an all-time high.” He noted that SBP’s version is very clear – it is the demand-supply factor that determines the exchange rate.

On Tuesday, the SBP had said it has received $2.75 billion from the International Monetary Fund (IMF) as part of the newly allocated Special Drawing Rights (SDR). Many believed this would help the currency, but the introduction of a market-based exchange rate, where supply-and-demand factors determine the movement, has meant that this was not going to be the case. Meanwhile, the currency lost 2 rupees to the pound sterling as the day’s closing quote stood at PKR 228.36 per GBP, while the previous session closed at PKR 226.33 per GBP.

Filed Under: Pakistan Tagged With: lead

Submit a Comment




Primary Sidebar




Latest News

Iran offers conditional willingness to resume talks with US

Google rolls out image-to-video feature in Gemini app for AI pro users

Dar slams Indian leadership, reaffirms Pakistan’s G20 goal

Shah Mahmood Qureshi, others denied bail over arson charges

UN reports 798 killed while receiving aid in Gaza, raises safety concerns

Pakistan

Dar slams Indian leadership, reaffirms Pakistan’s G20 goal

Shah Mahmood Qureshi, others denied bail over arson charges

Elon Musk expected at starlink Pakistan launch later this year

Punjab assembly deadlock eases as speaker, suspended lawmakers agree to continue talks

NEOC issues high-risk weather alert for Northern Pakistan

More Posts from this Category

Business

Trump threatens 35% tariff on Canadian exports starting August 1

Pakistan and Vietnam take big step toward boosting bilateral trade

Chinese firm urges Pakistan to extend support for 1124 MW Kohala Hydropower project

PSM revival on track as Pakistan, Russia renew industrial ties

Global fund slashes Pakistan’s health aid by $27 million amid rising HIV and TB threats

More Posts from this Category

World

Iran offers conditional willingness to resume talks with US

Google rolls out image-to-video feature in Gemini app for AI pro users

UN reports 798 killed while receiving aid in Gaza, raises safety concerns

More Posts from this Category




punjab

Footer

Home
Lead Stories
Latest News
Editor’s Picks

Culture
Life & Style
Featured
Videos

Editorials
OP-EDS
Commentary
Advertise

Cartoons
Letters
Blogs
Privacy Policy

Contact
Company’s Financials
Investor Information
Terms & Conditions

Facebook
Twitter
Instagram
Youtube

© 2025 Daily Times. All rights reserved.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.