Saturday, November 27, 2021

Rupee sinks to new record low against US dollar

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KARACHI: The Pakistani rupee continued to lose ground against the United States (US) dollar in the interbank currency market on the first trading day of the week.

The State Bank of Pakistan (SBP) said today that the local unit closed at Rs174.43 against the greenback, showing depreciation of 43 paisas or 0.25% over Friday’s close of Rs174.

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: Pakistan’s services exports grow 42% in 3 months

Earlier, SBP Governor Reza Baqir created quite a stir on social media after he 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.

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