September 15, 2021(MLN): The Pakistani Rupee (PKR) depreciated by 46 paisa against the US dollar (USD) in early trade on Wednesday on higher demand for the American currency, wrecking the traders' sentiments.
The dollar was being quoted at 169.40/169.60 (09:51 PST) with trades reported at 169.50.
The domestic unit had closed to an all-time low at 168.94 per USD in the previous interbank session.
It is pertinent to note that the previous all-time lowest trade was also reported at 169.50 in March 2020.
“As rupee continues to take the beating and inching up without any respite, we are yet to see the new all-time. Yesterday there was plenty of false calls/claims about PKR hitting a new high was wrong,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said via his Twitter handle this morning.
“The big question is: are we going to hit highs this week or not?” he noted.
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