KARACHI (Staff Report) – The Pakistani rupee on Wednesday dropped to two-year low of 105.80 against US dollar in the interbank market.
Pakistani rupee witnessed a drop of 56 paisa from its previous closing, after being by down 30 paisa on Tuesday’s closing.
Due to the recent rise of Rs 1.40 in the value of US dollar Pakistani debt is expected to increase by Rs 84 billion.
Observers say the recent climb of US dollar is due to a strong demand of the greenback from importers and its outflows from the country.
Currency dealers believe the growing demand of greenback is due to oil-related payments.