The Pakistani Rupee has recorded a sharp drop on Thursday as it fell to an all-time low of Rs. 188.18 against the US Dollar at the closing of the inter-bank market. The Pakistani Rupee had closed at Rs. 186.13 against the US Dollar on Wednesday, but the domestic currency continues to fall amid the political turmoil in the country.
According to the details, Pakistani Rupee has lost more than 10% since March 4 as it continues its non-stop descent against the greenback. It bears mentioning that Rupee dropped beyond Rs. 190 mark in the open-market because only a nominal amount of foreign currency is available for buying by individuals.
The central bank (SBP) has also refrained from intervening in the market to rescue to sinking Rupee with the country’s foreign exchange reserves depleting rapidly over the past six to seven weeks to a two year low of $12 billion.
According to analysts, the pressure mounted on Pakistani Rupee as the International Monetary Fund (IMF) placed its $6 billion bailout programme on hold, while Pakistan’s trade deficit also shot up by 70% to 35.5 billion in the first nine months of the current fiscal year 2022.
Read more: Dollar Rate in Pakistan (Daily Updates).