LAHORE - *US dollar breaks all previous records against Pakistani Rupee in the open market.*
US Dollar (USD) seems to have broken the Pakistani Rupee’s (PKR) back as the rupee continues to depreciate further, after a short-lived appreciation rally towards the end of Ramadan.
The Pakistani Rupee depreciated to Rs153.75/Rs154.25 during the early trading hours in the interbank market here on Friday, marking an 85 paisa decline in value compared to yesterday’s close. The currency opened trade at Rs153.75/Rs154.25 per dollar and was briefly at Rs153.50/Rs153.90 according to trading data available from *Mettis Global*.
The continued rupee depreciation comes after a long period of the Pakistan Tehreek-i-Insaf (PTI) government trying to secure a bailout package from the International Monetary Fund (IMF) and controlling the economy while trying 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.