Pakistani rupee continues to decline, reaching record low against USD

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By  India Blooms News Service   Apr 04, 2023

Islamabad: Pakistani rupee continues to decline against the U.S. dollar as the greenback was traded at a historic low of 287.29 rupees in the interbank market on Tuesday, according to the State Bank of Pakistan.

The U.S. dollar closed at 285.04 rupees on Monday. On the second working day, the local currency depreciated by 2.25 rupee, or about 0.78 percent, official figures showed.

The rupee has been under pressure at the beginning of the week as on Monday it declined 0.44 percent.

According to market analysts, the instability in the market is a result of the uncertainty looming around the International Monetary Fund (IMF) bailout program which has remained stalled since last year.

Additionally, the central bank announced on Tuesday to increase the policy rate by 100 basis points to 21 percent which the analysts believe has put pressure on the local currency.

(With UNI inputs)