KARACHI – The Pakistani rupee skidded to an all-time low on Friday after a decline of Rs1.54 to Rs175.73 against the US dollar in the interbank market amid growing pressure on the economy due to the widening current account deficit.
The downfall was attributed to the panic accumulation of dollars over growing concerns about the supply of the dollar.
The demand for foreign currency is increasing due to payments of import orders and growing global commodity prices amid uncertainty about the inconclusive talks with the International Monetary Fund (IMF).
Interbank closing #ExchangeRate for today:https://t.co/GvctANz3jH pic.twitter.com/K953ntLpQH
— SBP (@StateBank_Pak) November 12, 2021
The US dollar closed at Rs174.19 on Thursday.
The local currency last witnessed a record low of Rs175.26 against the US currency on October 26.
The government has decided to let the market determine the rupee-dollar exchange rate, keeping in view the demand and supply of foreign currency in the inter-bank market.
Read more: https://pakobserver.net/shehbaz-asks-govt-to-disclose-imf-conditions/
