KARACHI – The Pakistani rupee on Monday hit a new record low of Rs232 against the US dollar, declining by around 4 rupees in the inter-bank, as it continued to nosedive against the greenback amid a looming political crisis.
Reports in the media said the rupee closed near the 230 level against the US dollar in the inter-bank while during intra-day trading, it hits 232 against the dollar.
The latest depreciation was recorded as the coalition government moved Supreme Court after the contentious election for the office of the Punjab chief minister.
The Pakistani rupee has been under pressure amid falling foreign exchange reserves and a widening current account deficit.
Economic experts lament no practical measures are being taken to stop the dollar’s flight. Importers reportedly fast-tracked the opening of their letters of credit in view of the rupee’s depreciation, while exporters parked their funds abroad to maximise their returns lately.
The rupee started losing ground in April this year when Imran Khan was ousted from power and it has continued to fall since then.
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Last week, PKR lost 8.25 percent of its value against the US dollar within a week as it closed to an all-time low of 228.36 per dollar from 210.95 per dollar on July 15. The currency endured its worst week in over two decades.
