Pakistani rupee crashes to another record low of Rs236.02 against US dollar

During intraday trade today, the Pakistani Rupee (PKR) plunged to a new low versus the US Dollar (USD). It lost Rs3.09 in the interbank market today and depreciated by 1.31 per cent against the USD, closing at Rs236.02.

During today’s open market session, the local currency was quoted at an intraday low of Rs238.5 against the US dollar. The dollar has increased by Rs52.07 against the PKR since the change of government.

It is important to note that the Pakistani rupee has been among the worst-performing currencies in the world, falling more than 30 per cent since the beginning of 2022.

However, the dollar has declined globally as well, reaching a 20-year high against other currencies in part due to anticipation that the Federal Reserve will raise interest rates more quickly than the majority of central banks.

In addition, dealers told The News that the local currency was under pressure due to the ongoing political unrest and a lack of dollar liquidity.