Saturday, March 2, 2024

Pakistani Rupee Sets New Record of All-Time Low Rs. 178.22 against US Dollar

The Pakistani Rupee (PKR) fell to a new all-time low against the US Dollar (USD) and depreciated by one paisa in the interbank market recently, despite the fact that it is a redundant movement. During the recent open market session, it touched an intraday low of Rs. 178.22 against the US dollar.

The local currency depreciated by 0.01 percent against the US dollar recently, closing at Rs. 178.05, after holding steady at Rs. 178.04 in the interbank market.

Furthermore, due to the rising import bill, Pakistan’s current account has recorded the greatest deficit of $1.91 billion in the current financial year, according to statistics provided by the State Bank of Pakistan (SBP).

However, on the back of the normal inflationary challenges that have hampered fiscal growth since mid-November, the rupee fails to report any gains versus the dollar.

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