The Pakistani rupee has experienced a further decline as the US dollar continues to strengthen, reaching an unprecedented high of Rs330 in the open market on Monday. This surge comes as trading resumes after a 3-day holiday.
At noon, there was a notable increase of over 50 paisas in the interbank rate for the rupee, while the US dollar saw a significant rise of 2 rupees.
This development adds to the ongoing struggles of Pakistanis who are already grappling with the highest inflation rates in decades. The remarkable 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, with financial experts attributing this surge to external payments made in July, which have contributed to the strengthening of the USD.
Pakistan, with a population of over 240 million, has been grappling with soaring inflation for more than a year, primarily driven by the increase in global commodity prices and domestic economic difficulties. Additionally, a balance of payments crisis and record-high monetary policy rates have severely impacted the local currency.