Saturday, May 21, 2022

Pakistani rupee slumps to all-time low against US dollar

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KARACHI: The Pakistani rupee plunged to an all-time low against the US dollar in the interbank market, ARY News reported on Tuesday.

According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency.

The value of the greenback surged by 82 paisa in early trade and currently trading at Rs188.35 in the interbank market, hitting an all-time high.

The forex dealers have further shared that the greenback is being sold above Rs189 in the open market.

The US dollar on the other day closed at Rs187.53 in the interbank market.

According to experts, the surging dollar has shattered the confidence of rupee-based economy and its stakeholders.

The gloomy macros will continue to put pressure on the local unit, they said.

Read More: No fresh borrowings from SBP, clarifies finance ministry

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week that ended on April 23, data released by the central bank showed.

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