KARACHI – Pakistani rupee continued to lose ground against the US dollar on Wednesday, moving to touch another record low as concerns remained while uncertainty looms large.
Data shared by the State Bank of Pakistan suggest that the rupee settled at 294.93, after the decline of Rs3.42.
Pakistani rupee continues its negative trajectory and it faced record blows. The rupee closed to its lowest since May 11, as the currency nearly touched the 300 level.
Earlier this week, the rupee remained under pressure against the greenback, settling at 291.51.
The negative trend of PKR comes post-dissolution of assemblies as speculation surfaced among market insiders that the outgoing coalition government had held a controlled exchange rate to save political capital. It was expected that the greenback would rise against the Pakistani rupee once the interim government takes over.
Internationally, USD was on the front foot after Washington’s retail sales crossed expectations in July, underlining the economic resilience and strengthening the case for the Federal Reserve to keep rates higher for longer.
