Pakistani rupee falls to an all-time low of Rs182.64 against the US dollar

The Pakistani rupee fell to an all-time low of Rs182.64 against the US dollar in the inter-bank market on Wednesday.

For the past 11 months, the rupee has maintained a downtrend.

The local currency fell past the Rs182-mark against the US dollar on March 28 for the first time in the interbank market in the history of Pakistan.

The local currency has lost 19.94% (or Rs30.37) to date, compared to the 22-month high of Rs152.27 recorded in May 2021 against the greenback.

Analysts believe that the local currency is facing double pressure.

The prevailing political uncertainty is also diverting the goverment’s attention to focus on rupee-dollar parity.

While the lack of clarity regarding the outcome of negotiations between Pakistan and IMF is also putting pressure on the local currency.

It is predicted that the movement of the rupee against the greenback is expected to remain downward till the end of the fiscal year 2021-22.