Pakistani rupee continues its record-breaking decline against the US Dollar

The Pakistani Rupee (PKR) continued its decline against the US Dollar (USD) today, reporting losses in the interbank market. At the close of the session today, the local currency lost 30 paisas against the US dollar.

It fell 0.16 percent against the US dollar, closing at Rs182.64 after losing 30 paisas and closing at Rs182.34 in the interbank market on Tuesday, March 29.

Pakistan’s ongoing political volatility and economic problems continue to weaken currency reserves as the country attempts to remove obstacles toward financial relief.

After global oil prices surged on Monday, the PKR maintained its downward trend against the greenback.

The rupee has lost about 17 per cent of its value since its last peak in May 2021. To date, the local currency has lost more than 13.6 per cent of its value.

It is worth noting that the Pakistani currency depreciated 30.5 per cent against the US dollar in the last three years under the government of Prime Minister (PM) Imran Khan.