Rupee continues to plunge as dollar crosses Rs167 mark

KARACHI: The Pakistani rupee continued to lose ground against the United States (US) dollar in the inter-bank currency market on Monday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs167.23 against the greenback, registering depreciation of 32 paisas over the previous close of Rs166.91.

The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April 2021.

READ: PAKISTAN’S TRADE DEFICIT BALLOONS TO WHOPPING $7.49BN

The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.