KARACHI: The US dollar touched a record high of Rs130 in the open market onFriday, gaining a further Rs0.30 as it continued its climb against thePakistani rupee, currency dealers said.
The latest weakening in the rupee comes after the dollar spiked to Rs129 inthe open market earlier this week.
Since December, the rupee has cumulatively shed over 21% of its value afterthe State Bank of Pakistan reportedly abstained from intervening inresponse to the pressure exerted by a widening current account deficit.link link
Pakistan’s current account balance has been widening sharply, while foreigncurrency reserves have plummeted over the past few years.