Wednesday, October 9, 2024

Pakistani Rupee Drops to Another All-Time Low of Rs. 230 against US dollar

Another day and once more Dollar price has risen, and the Pakistani rupee on Thursday dropped to another all-time of Rs230 against the US dollar in the interbank market.

The main reason behind this uprising is due to ‘ Political Chaos ‘.

FAP Chairperson Malik Bostan attributed the rupeeā€™s consistent decline in the last five sessions to ā€œpolitical chaosā€ and the rise in the dollarā€™s value in the international market. He asked the State Bank of Pakistan (SBP) to take strict action against banks involved in ā€œspeculationā€ so the ā€œartificial increaseā€ in the dollarā€™s price could be stopped.

In addition, the dollarā€™s value had risen against over 40 currencies, including the British pound and Japanese yen over the last week, which had affected the rupee in the local market, Bostan explained.

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