Pakistani rupee reaches a new all-time low of Rs190 against the US dollar

In the interbank market on May 11, the US dollar soared to an all-time high against the Pakistani rupee (PKR), reaching Rs190.10.

In the morning. the local currency was trading at Rs189.89 to Rs190.04, with deals reported at Rs190.

The dollar gained Rs1.44, surpassing the prior day’s finish of Rs188.66. The greenback touched an all-time high on May 11, when it surpassed the Rs189 level.

It had gone down in the immediate aftermath of the April 11 change of government, but the adjustment soon ran out of steam, and the greenback is now flying again, hitting a new all-time high.

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Experts say the rupee is under pressure because of increased oil import bills and speculation about the Saudi package. Foreign reserves were also under strain due to delays in talks with the International Monetary Fund.