KARACHI – The Pakistani rupee hit a new all-time low against the US dollar in the inter-bank for the fifth consecutive session on Tuesday and closed at Rs169.97.
The Pakistani currency fell by 37 paisas (-22%) to the dollar after it opened at Rs169.60, despite the measures being taken by the government to strengthen the national economy.
Interbank closing #ExchangeRate for today: https://t.co/1gb7TPK4FD pic.twitter.com/bpVNqTQCHv
— SBP (@StateBank_Pak) September 28, 2021
In the open market, the dollar was traded at Rs171.50.
Economists are of the view that the widening current account deficit caused massive depreciation of the local currency. They also warned that a new wave of inflation could hit the country due to weakening currency value.
Read more: https://pakobserver.net/hike-in-sbp-policy-rate-to-hit-business-growth-icci/
