The Pakistani rupee continued struggling against the US dollar for the second straight day on Friday and shed 36 paisa (-0.21 percent) in the interbank. According to the State Bank of Pakistan, the US dollar opened at Rs167.66 and closed at Rs168.02. This is the lowest level of the local currency against the greenback since August 26, 2020. The dollar made the historic high against the rupee at Rs168.44 on August 26, 2020. Within the open market, the rupee was traded at Rs168.20/169 per dollar. Overall, Pakistani rupee shed Rs1.11 against the US dollar during this week, while depreciation during the fiscal year 2021-22 has been Rs10.66. The local unit has shed Rs7.83 against the US dollar in the current year 2021. The rupee has depreciated 6.2 percent since June 2021 while devaluation has been 9.4 percent since May 14, 2021 when it reached its recent high against the US dollar. The currency experts said that external payment remained high which resulted in increased dollar’s demand. They said that the dollar’s demand was also high due to upcoming weekly holidays. They said that it is interesting to note that the remittances data issued by the SBP early in the day also failed to support the rupee. The SBP said the inflows of workers remittances increased to $5.36 billion during the first two months of the current fiscal year. According to currency experts, the rupee is under immense pressure due to unfavourable macro economic data and Afghanistan’s situation. They said that the rising deficit in the current account is also a major concern for the market. They said that dollar outflow to Afghanistan was also a big concern for rupee stability. However, in order to address the Afghan trade problem, the federal government decided to trade Afghanistan in the Pakistani rupee.