Rupee drops to record low against US dollar
The rupee dropped to its lowest level against the American currency as it was traded at Rs170.48 in the interbank.
Economic experts were of the view that the dollar has added Rs17.77 in its value during the last four and half months. The dollar was at Rs152.28 on May 7, 2021, the experts said, adding this sharp rise has also swollen Pakistan’s debt burden by over Rs2,000 billion.
The experts said there was pressure on the rupee due to the widening current account deficit.
They said Pakistan has to pay $1 billion in October after the maturity of the Islamic Sukook Bonds.
Meanwhile, the US dollar was also up by 20 paisas in the open marking, surging to Rs172.20.
Reporter Ashraf Khan