Rupee hits new record low against US dollar

KARACHI: The Pakistani rupee continued to lose ground and hit a new record low against the United States (US) dollar in the inter-bank currency market on Thursday.

The local unit finished at 173.96 against the greenback, registering depreciation of Rs0.49 or 0.28 per cent over the previous close of Rs173.47, according to the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for today: https://t.co/wqpWAXJuPw pic.twitter.com/q7sdXoK9tu

— SBP (@StateBank_Pak) October 21, 2021

The rupee’s slide against the US dollar continues despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

Also Read: Inflation in Pakistan due to rise in exchange rates: SBP governor

Earlier, SBP Governor Reza Baqir defended the rupee depreciation saying it benefited overseas Pakistanis and claimed that inflation in the country was artificial and would be controlled.

He said rising exchange rate has led to price hike.