According to media reports, the US dollar reached an all-time high against the Pakistani rupee in the interbank market on Tuesday.
According to reports, the value of the greenback increased by 0.85 paisa today in the interbank market, trading at Rs168.95, up from the previous high of Rs168.58.
During the past four months, the value of the US dollar has increased by Rs16.67.
The greenback was last traded in the interbank market at Rs168.10 paisas yesterday.
Currency dealers, experts, and analysts cite a variety of causes for the big decline in the local currency’s value against the US dollar, but they claim the State Bank of Pakistan (SBP) has taken no action to halt the devaluation and restore stability.
Last year, in August, the Pakistani rupee reached an all-time low of 168.43 versus the US dollar before regaining some losses to reach a 22-month high of Rs152.95 in April 2021.
During the fiscal year 2020-21, which concluded on June 30, the local unit increased by 6.2 percent, or Rs10.51, versus the US dollar in the currency market.