As the political situation in the country worsens, the Pakistani rupee (PKR) touched an all-time low versus the US dollar on Monday during intraday activity in the interbank market.
Data from the State Bank of Pakistan (SBP) show that during intraday trade, the PKR fell to Rs230 from a rate of Rs228.37.
As local currency fell by over 8 per cent against the greenback in the most recent trading week, its foreign exchange reserves fell below $10 billion, and inflation reached its highest point in more than a decade, worries about the country’s ailing economy have grown.
According to Geo, the acting governor of Pakistan’s central bank, Murtaza Syed, stated this in a recent speech to foreign investors: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”
On Monday, a tola of 24-karat gold costs Rs147,700 in Pakistan.
10 grammes of 24 karat gold were priced at Rs126,700. A single tola of 22-karat gold was being offered for Rs135,391 while 10 grams of 22k gold was being traded for Rs116,141.
