The domestic currency has reached 2.3% to Rs156.38 to the US dollar compared to the financial year 2019’s ending at Rs160.05 following the minute increase in the prevailing account shortfall and foreign currency assets. Pakistan's stock market also declined on Friday, with the benchmark KSE 100 index down 2.4 percent by 0615 GMT. The Pakistani rupee hit an all-time low versus the UAE dirham and the US dollar on Thursday and the market expects the South Asian currency to slide further. On Thursday, the rupee managed to extend further gains against the dollar in both the currency markets, dealers said. Currently, compared to the past few weeks, the rupee has depreciated significantly and there is a surge in the remittances. Raging Bull: Sensex crosses 50,000, global cues,... Oil slips on surprise rise in US crude stocks. Daily forecast for USD to PKR in tables. Change for today +0.08 Rupees, +0.05%. Current USD to PKR exchange rate equal to 160.30 Rupees per 1 US Dollar. Explaining further, Khan said, "It will impact the Pakistani Rupee and when Rupee starts to fall, we do not know how much it will fall. its sharply declining value against the US Dollar. Pakistan rupee falls to record low against US dollar on Wednesday prompting Prime Minister Imran Khan to form a special committee to check further devaluation of currency. The gains of last the 5,000 points in Sensex has come in just 32... READ MORE, Brent crude futures similarly dropped 26 cents, or 0.5 per cent, to... READ MORE, The Biden administration is expected to push through a nearly $2... READ MORE, I frequently give business tips to the youth in my entrepreneurship... READ MORE, Those who have already received the first dose and are awaiting their ... READ MORE, The employee had helped a Dubai-based journalist as her Metro card... READ MORE, UAE set to be biggest beneficiary of rapid vaccination rollout, say... READ MORE, More than 24.2 million tests have been carried out. The rupee has dived down by 30% percent and analysts predict that it will continue to devalue in the second half of October 2018 as well. No one Can stop Further free fall of Pakistani Rupee Vs US Dollar and Economy ... How the Rupee fall against US Dollar will affect You? (WebDesk) - The Pakistani rupee has experienced a worst fall ever against US dollar. The Pakistani rupee plunged again last week to 157 in a spasm of panic selling in local foreign exchange markets. The rupee is likely to fall to Rs175-Rs180 levels by the end of this year, market experts believe. There are approximately 1.3 million Pakistanis residing in the UAE, who contributed 8.7 per cent - or Dh3.76 billion - of Dh43.3 billion remittances during Q3 2017. 2021/01/21. But at the same time we see some speculation among customers that it will go down even further," adds Raipancholia. KLM halts long-haul flights due to new Covid-19... Video: Biden begins inauguration, vowing... Trump lifts tariffs on aluminium imports from UAE. "The main reason for today's fall was that State Bank of Pakistan had left rupee to market forces. He further stated that this fall … But it later recovered and settled at 147.5 on Thursday. All new KT app is available for download: Get the latest news around the world in your inbox, so you dont miss out on the action. CurrentRequestUnmodified: /pakistan-observes-nazia-hassans-death-anniversary The Pakistani currency shed 10 rupees in inter-bank trading by Friday afternoon after it was traded at 134 rupees on Thursday. We do not have foreign reserves to save the Rupee. Pakistani rupee continued its appreciation against the US Dollar in the interbank market as it regained Rs. According to the official figures, the UAE and other Gulf countries comprised of over 60 per cent of the country's $19.3 billion remittances during the last fiscal year. CurrentRequestUnmodified: /article/20120414/ARTICLE/304149893/1036 "I think the rupee might move around 6-7 per cent, allowing it to reach a high of 112 against the dollar. We expect the depreciation to continue for some more time, but the pace could be slower. All rights reserved. Further Information Pakistani Rupee - Saudi Riyal. It further weakened by roughly Rs7 from Wednesday close of 141.4 in early hours of trade at the inter-bank. However, they also forecast further depreciation of the rupee, but that may not be as steep as it was witnessed during the last week. Pakistan Further rupee fall, interest rate hike expected ; Further rupee fall, interest rate hike expected. The pair settled on Monday just a few pips higher at 159.80. Agencies. The persistent drop in the rupee is seen as a boon for expatriate Pakistanis as they will be able to remit more funds. All this would further deteriorate the financial condition of Pakistan. Click/tap here to subscribe to Khaleej Times news alerts on Telegram. Close: ... offers a currency conversion from Pakistani rupee to Saudi riyal ... the token climb as high as $41,440 and fall as low as $30,324. “Pakistan’s debt securities offer comparatively higher profits. In its manifesto, one issue that BJP had strongly criticised UPA for, was the free fall of Rupee i.e. Schemes are required to attract deposits and a climate needs to be created to boost the confidence of foreign investors so that there can be more foreign investments," he added. The Pakistani rupee continued to fall to record lows on Friday, after the government agreed in principle to a $6 billion loan from the International Monetary Fund that’s expected to set tough conditions on Prime Minister Imran Khan’s administration. In respect of remittances, Ahamed said that bthe volume has not gone up on account of the recent rupee slide. And also irrespective of the currency rate, expatriates need to send money home for their family's maintenance. Pakistan’s rupee is vying for the title of the world’s biggest loser this month, the victim of an apparent devaluation with more pain ahead. The rupee has been under pressure due to shortage of the US currency in Pakistani forex markets. Today's range: 160.10-160.72. Considering Eid Al Fitr is around the corner, it is expected that the remittances from the UAE and other countries will increase substantially this month. Considering political situation in the country, Rajiv Raipancholia, CEO, Orient Exchange, predicts further depreciation in the rupee over the next couple of weeks. READ MORE, Dubai announces new Covid safety rules: Full list, UAE: Compulsory Covid tests expanded to include teachers, Coronavirus: UAE reports 3,566 Covid-19 cases, 4,051 recoveries, 7 deaths, Covid-19: Belgium to ban non-essential travel, Dubai fights Covid: New gym rules announced, Pakistani man killed during TikTok stunt on train track, Sheikh Mohammed praises Dubai Metro employee for his kindness, Missile or drone intercepted over Riyadh: Saudi TV, UAE's Covid vaccine success will help lift most restrictions, UAE Covid-19 vaccine: 87,720 residents vaccinated in a day, Russia’s Sputnik V vaccine in UAE: All you need to know. "It looks more on the weaker side," Raipancholia had earlier said. He attributed the current volatility in the rupee to the imbalanced imports and exports. Analysts predict the dollar to go further up before settling somewhere around Rs130. On December 11, the rupee suddenly jumped from 28.8 against dirham to 29.25 in a single day. Nothing to worry about it as it was expected from long time. But former finance minister Asad Umar rejected this notion that the decline in the rupee's value on Thursday is linked to the IMF agreement. USD TO PKR FORECAST. The Pakistani rupee hit an all-time low versus the UAE dirham and the US dollar on Thursday and the market expects the South Asian currency to slide further. The authorities in Pakistan are doing all that they can to plug the illegal money transfer setup. US Dollar to Pakistani Rupee currency converter. The rupee continued its declining trend as the dollar ascends and rupee dropped to an all-time low of 148 to the US dollar in the inter-bank market on Thursday. Yesterday's rate 160.22. LAHORE: The almighty US Dollar (USD) seems to have broken the Pakistani Rupee’s (PKR) back as the rupee continues to depreciate further… At 10:15 UTC, USD/PKR trades +0.5% at US$160.60. The rupee witnessed volatility once the news reports started appearing in the media that Pakistan's central bank would allow rupee devaluation in a sustained manner. "Pakistani residents might be waiting for the rupee to hit 111-112 against the US dollar, as it has tested 110 on Thursday. All of its 270 weekly long-haul flights to the Netherlands from... READ MORE, "It’s a new day in America," Biden wrote on Twitter before the... READ MORE, UAE joins Argentina, Australia, Canada and Mexico, which have also... READ MORE, The Indian Embassy in Abu Dhabi and the Consulate General of India in ... READ MORE, Those who have already received the first dose and are awaiting their ... READ MORE, The employee had helped a Dubai-based journalist as her Metro card... READ MORE, UAE set to be biggest beneficiary of rapid vaccination rollout, say... READ MORE, More than 24.2 million tests have been carried out. "The concentration needs to evolve around current account balance by promoting exports and reducing imports. Who will bailout Pakistan - … Reaching six and a half month high of 158.9 against the US dollar, Pakistani rupee on Monday became Asia's third best performing currency, The News reported. Meanwhile, according to Forex Association of Pakistan, the buying and selling rates of dollar in the open market were […] It opened at a high of 142 rupees in the morning and the local currency further devalued by 2 rupees to 144 rupees. "Yes, this is the right time to send money as going forward, the State Bank of Pakistan may intervene and make the rupee stable, if not, then there will be a further deficit in the balance of payments," Malik said. However, the foreign selling may increase and the rupee will fall further if the world fails to contain the virus, which has spread to around 100 countries. 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