The Pakistani Rupee continued its fall against the US Dollar as it reached another new low of Rs. 239.94 at the closing of the interbank market on Thursday. However, this was still an improvement after being traded as high as Rs. 240 during the intra-day trading.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee closed at Rs. 239.94 against the US Dollar on July 28 (Thursday), which is a depreciation of Rs. 3.06 (1.31%) compared to July 27 (Wednesday), when it closed at Rs. 236.02 against the foreign currency.
However, the position of the open market is entirely different and Pakistani Rupee was being traded at Rs. 245 against the US Dollar on Thursday. Meanwhile, the pressure on the local currency continues amid the political uncertainty coupled with dwindling foreign exchange reserves.
The Pakistani Rupee has been one of the world’s worst performing currency in the world as it fell nearly 8% against the US Dollar in the last trading week as fears rise about Pakistan’s economy amid the on-going political crisis in the country. Meanwhile, the foreign reserves have fallen below $10 billion with inflation at the highest level in more than a decade.