Prevailing political crisis: Pakistani rupee hits fresh low against US dollar
- By Web Desk -
- Apr 05, 2022
KARACHI: The Pakistani rupee continued to decline against the US dollar in the interbank market amid ongoing political crisis that erupted with National Assembly deputy speaker deeming the no-confidence resolution against Prime Minister Imran Khan “unconstitutional”.
According to forex dealers, the US dollar on Tuesday reached an all-time high against the rupee, soaring to Rs185.40 in the interbank market during intraday trading.
The rupee depreciated by Rs1.31 against the dollar in interbank market.
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The domestic currency also lost ground in the open market and trading at over 185 against the greenback.
Experts say political chaos in the country and uncertainty surrounding the seventh review of the $6 billion International Monetary Fund (IMF) loan programme are keeping the rupee under pressure.
It is pertinent to mention here that the local unit has been under pressure since start of the current financial year as the dollar has appreciated by Rs26 since 1st July 2021.