KARACHI – The Pakistani rupee on Thursday dropped to another all-time ofRs230 against the US dollar in the interbank market.
When the session opened today, the local currency depreciated Rs5.08 to 230against the greenback, according to the Foreign Exchange Association ofPakistan (FAP).
FAP Chairperson Malik Bostan attributed the rupee’s consistent decline inthe last five sessions to “political chaos” and the rise in the dollar’svalue in the international market.
In addition, the dollar’s value had risen against over 40 currencies,including the British pound and Japanese yen over the last week, which hadaffected the rupee in the local market, Bostan explained.
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He asked the State Bank of Pakistan (SBP) to take strict action againstbanks involved in “speculation” so the “artificial increase” in thedollar’s price could be stopped.
Yesterday, Fitch Ratings, an international credit rating agency, downgradedthe outlook of the South Asian country to negative from stable.
