Rupee hits all-time low of Rs225 against US dollar
- By Anjum Wahab -
- Jul 20, 2022
KARACHI: The dollar rate has reached an all-time high against the Pakistani rupee and is currently trading at Rs 225 in the interbank market, ARY News reported on Wednesday.
Political unrest wreaked havoc on the currency market for the second consecutive day.
According to details, the greenback spiked sharply by Rs3.01 in the interbank market to settle at Rs 225. The USD is trading at Rs226-227 in the open bank market.
Read more: Economic turmoil: Dollar spikes by Rs 8.80, PSX loses 608 points
The State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the current account position, news stories and domestic uncertainty contribute to the daily currency fluctuations.
In an apparent attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.