The Pakistani rupee has experienced a further decline as the US dollarcontinues to strengthen, reaching an unprecedented high of Rs330 in theopen market on Monday. This surge comes as trading resumes after a 3-dayholiday.
At noon, there was a notable increase of over 50 paisas in the interbankrate for the rupee, while the US dollar saw a significant rise of 2 rupees.
This development adds to the ongoing struggles of Pakistanis who arealready grappling with the highest inflation rates in decades. Theremarkable ascent to Rs330 in the open market sets a troubling new record,compounding the economic challenges faced by the population.
The rupee has been under consistent pressure in recent weeks, withfinancial experts attributing this surge to external payments made in July,which have contributed to the strengthening of the USD.
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Pakistan, with a population of over 240 million, has been grappling withsoaring inflation for more than a year, primarily driven by the increase inglobal commodity prices and domestic economic difficulties. Additionally, abalance of payments crisis and record-high monetary policy rates haveseverely impacted the local currency.
