KARACHI – Pakistani rupee further weakened as US dollar continued to soar, touching a record high of Rs330 in the open market on Monday as trading starts after the 3-day holiday.
At noon, the rupee moved up by more than 50paisas in the interbank, while the greenback surged by 2 rupees.
Pakistanis are battling the highest inflation in decades, and the staggering climb to Rs330 in an open market is a new record that will further add to woes.
Rupee remained under pressure in recent weeks and financial experts linked the surge with external payments made in July that contributed to the USD’s hike.
The country of over 240 million faced sky-high inflation for more than a year, in the wake of hike in global commodity prices and domestic economic challenges while the balance of payments crisis, record record-high monetary policy badly hit the local currency.
Currency exchange rates in Pakistan Today – September 4, 2023
