Pakistani rupee crashes to another historic low against US dollar in interbank market
By News Desk
August 30, 2023 10:47 AM
Amid lackluster response from the caretaker government, the Pakistani rupee continued to slide into historic lows against the US dollar in the interbank market, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency hit rock bottom against the greenback as it shed Rs1.40, taking the US dollar to a historic high of Rs304.46 as the trading ended in the interbank market on Wednesday.
On Tuesday, the Pakistani rupee had plunged to to yet another record low against the US dollar, as it settled at Rs303.05 in the interbank market. At close, the rupee was down Rs1.05 or 0.35%.
Despite securing a last-minute deal with the International Monetary Fund (IMF), the local currency has come under renewed pressure amid falling foreign exchange inflows, while concerns have risen over a widening current account deficit after authorities lifted curbs on imports.
Reporter Ashraf Khan