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Rupee drops to historic low against the US dollar

PKR vs USD!

The Pakistani rupee continued to depreciate due to the high flight of the dollar. 

Pakistani currency has hit a much-anticipated level at Rs170.40 in the interbank. against the US dollar in the interbank market during intra-day trading on Wednesday.

The dollar was up 31 paise in the interbank market and trading at around Rs170.27.

While in the open market, the dollar was up by 50 paisa and trading at around Rs172.30.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs169.97 against the greenback on Tuesday.

According to Forex dealers, the dollar has risen by Rs 3.57 against the rupee this month.

According to the Economic experts, the dollar has added Rs17.77 in its value during the last four and half months and there was pressure on the rupee due to the widening current account deficit.

The dollar was at Rs152.28 on May 7, 2021, the experts said, adding this sharp rise has also swollen Pakistan’s debt burden by over Rs2,000 billion.

Saman Siddiqui

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