Pakistani Rupee hits historic low against US dollar

Pakistani Rupee hits historic low against US dollar

KARACHI: The rupee plunged by 63 paisas to cross Rs180, making the historic low against the dollar on Thursday.

The exchange rate ended at Rs180.07 to the dollar from the previous day’s closing of Rs179.44 in the interbankforeign exchange market link.

The previous all-time low in the rupee value against the dollar was recorded a day earlier at Rs179.44.

It is the fourth straight day of decline in rupee value as it made a fresh low. The local unit for the last four sessions witnessed a significant decline and lost Rs1.56 against the foreign currency.

The dealers said that the rupee was declining due to the political unrest, volatile international oil prices and higher commodity import payments.

They said that a no-confidence motion against the prime minister by the opposition parties had resulted in negative sentiments in the market, adding that the dollar demand was also mounting due to the import of commodities related to the holy month of Ramazan.