Islamabad: Continuing its downward spiral, the Pakistani rupee neared its all-time low of Rs239.94 in the inter-bank market on Wednesday.
At the end of the session, the State Bank said that the rupee depreciated by 0.31% to close at Rs239.65 against the greenback.
— SBP (@StateBank_Pak) September 21, 2022
The fall of the PKR has continued despite receiving a $1.16 billion loan tranche from the International Monetary Fund (IMF) last month. The rupee has continued to spiral down the hole and has yet to see a positive session this month.
Experts say the country’s borrowing needs are expected to increase in the wake of massive devastation caused by flash floods, which will also drive up the import bill.