Pakistani rupee plummeted to a fresh all-time low of 171.13 against the US dollar on Wednesday, breaching a day earlier low of 171.04, mainly due to surging import bill and Afghan situation.
According to the State Bank of Pakistan, the rupee shed 9 more paisas (-0.05 percent) as the US dollar opened at Rs171.04 and closed at Rs171.13. Within the open market, the rupee was traded at Rs171.20/172.50 per dollar.
The rupee continued to bear the pressure despite a 17 percent year-on-year increase in remittances sent by overseas Pakistanis, which stood at $2.7 billion in September 2021, and higher exports. .—TLTP