Pakistani Rupee hits a new historic low against US Dollar
Shares
KARACHI – The Pakistani rupee extended its losses against the US dollar as it depreciated by Rs 1.33.
The State Bank of Pakistan’s (SBP) data shows the local currency dropped by more than Rs1 to close at Rs303 against the greenback in the interbank market.
In the open market, the rupee also remained under pressure as it depreciated by Rs1 to settle at Rs315 vs dollar amid fears of further decline in its value.
Last week, PKR continued its negative trajectory and closed at a historic low of 301 against the greenback.
Rupee continues to lose its value against the high flying dollar, but the gap with rates in the open market remains against the directives of the International Monetary Fund (IMF).
The local unit is likely to remain under pressure against the dollar in the coming days amid huge demand for foreign currency, primarily driven by the need to clear backlog consignments as the government ended all import curbs.
