Rupee nears all-time low against US dollar

122
rupee us dollar

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.

 

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.

All you need to know about Pakistan, IMF deal

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.

Previous articleLewandowski to wear Shevchenko’s armband at World Cup in solidarity with Ukraine
Next articleTwo more SAPMs appointed