The Pakistani rupee’s pathetic run against the US dollar seemed not ending as the greenback soared to another historic high in interbank trading on Monday.
According to the State Bank of Pakistan, the Pakistani rupee depreciated by another rupee against the US dollar and ended the day at another historic low of Rs302.
On Friday last also, the Pakistani rupee had hit a new record low against the US dollar, as it settled at RS301 in the interbank market. At close, the rupee had settled at Rs301 after a decrease of 78 paisas.
In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz had stressed the need for early operationalization of the EXIM Bank for enhancing Pakistan’s exports. The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.
The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday last showed.