Pakistani rupee hits all time low against USD
- By Web Desk -
- Apr 11, 2023
KARACHI: The Pakistani rupee (PKR) has hit all-time low at Rs288.43 against the US dollar on Wednesday in the interbank market, ARY News reported.
The State Bank of Pakistan (SBP) reported that the rupee slides by Rs1.34 against the greenback to close at Rs288.43.
According to the Forex Association of Pakistan (FAP), selling rate of dollar in the open market were recorded at Rs 295.
A day earlier, the rupee had closed at Rs287.09 per US dollar. In the open market, the greenback was trading at over Rs291.
Read more: PAKISTANI RUPEE FREEFALL CONTINUES AGAINST USD
It is pertinent to mention here that on April 5, the rupee had closed at Rs287.85 per US dollar. In the open market, the greenback was trading at over Rs293.
Experts say the decline in the value of the rupee can be attributed to economic challenges, political uncertainty, and depleting foreign exchange reserves.
The staff-level agreement between the International Monetary Funds (IMF) and Pakistan was scheduled to take place on February 9.