LAHORE – *US dollar breaks all previous records against Pakistani Rupee inthe open market.*
US Dollar (USD) seems to have broken the Pakistani Rupee’s (PKR) back asthe rupee continues to depreciate further, after a short-lived appreciationrally towards the end of Ramadan.
The Pakistani Rupee depreciated to Rs153.75/Rs154.25 during the earlytrading hours in the interbank market here on Friday, marking an 85 paisadecline in value compared to yesterday’s close. The currency opened tradeat Rs153.75/Rs154.25 per dollar and was briefly at Rs153.50/Rs153.90according to trading data available from *Mettis Global*.
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The continued rupee depreciation comes after a long period of the PakistanTehreek-i-Insaf (PTI) government trying to secure a bailout package fromthe International Monetary Fund (IMF) and controlling the economy whiletrying to save the country from the verge of bankruptcy. Nonetheless,during the last 12 months, the rupee has depreciated over 30 per cent,reaching a record interbank market high here on Friday.
