Pakistan rupee plunges to all-time low against US dollar

Forex dealers say the greenback is being sold above Rs189 in the open market


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Agencies file
Agencies file

Published: Wed 11 May 2022, 8:56 AM

Last updated: Wed 11 May 2022, 9:11 AM

The Pakistani rupee slumped to an all-time low against the US dollar on Tuesday in the interbank market.

The value of the greenback surged by 82 paisa in early trade and currently trading at Rs 188.35 in the interbank market, hitting an all-time high, reported ARY News.

According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency.

The forex dealers said the greenback is being sold above Rs189 in the open market.

The US dollar closed at Rs 187.53 in the interbank market, reported ARY News.

According to experts, the surging dollar has shattered the confidence of the rupee-based economy and its stakeholders.

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week that ended on April 23, data released by the central bank showed, reported ARY News.

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