Rupee hits new low against dollar, closed at Rs202.83

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The rupee dropped to an all-time low of 202.83 against the US dollar in the interbank market after plunging the most in over two years as payments for oil imports added pressure on the local currency. According to data released by the State Bank of Pakistan (SBP), the local currency shed Rs2.77, or 1.37%, to close at Rs202.83 surpassing its previous record low of Rs202 recorded on May 26. On Tuesday, dropping to an all-time low of 204 against the US dollar in the open market as demand increased due to oil-related payments and ambiguity regarding the revival of the multibillion dollars International Monetary Fund’s (IMF) programme.

 

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