Pakistani rupee hits record low at Rs 130

KARACHI: Pakistani rupee once again depreciated today, as US dollar strikes to Rs130 in the open market breaking all high records. It is observed that US dollar is in the state of gaining Rs0.30 further against Pakistani rupee.

The latest weakening in the rupee comes after the dollar spiked to Rs129 in the open market earlier this week.

The latest records of high value was earlier this week at the rate of Rs129 in the open market.

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According to details, Pakistani rupee shows downward trend since December 2017, and it is more than 4th time the rupee has weakened against US dollar. The rupee shows total depreciation of over 21% of its value since State Bank of Pakistan (SBP) withdraw from superseding in reaction to the strain put on the rupee due to extraordinary current account deficit.

The current account reserves of Pakistan shows enlarged gaps, whereas, foreign currency reserves have plunged in the past years.