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Rupee hits another record low against US dollar
Rupee hits another record low against the US dollar on Wednesday.
Pakistani Rupee depreciated 0.12% against the US dollar in the inter-bank market on Wednesday.
According to the State Bank of Pakistan (SBP), the rupee closed at 179.44 after a day-on-day depreciation of 22 paisas.
This is the lowest the rupee has ever been, after it hit 179.22 on Tuesday, amid the ongoing Russia-Ukraine conflict.
Interbank closing #ExchangeRate for todayhttps://t.co/mrD88r3r38 pic.twitter.com/EOyL04yYYz
— SBP (@StateBank_Pak) March 16, 2022
A widening current account and high import bills have weakened the Pakistani Rupee in recent months.
Pakistani currency has devalued by over 12.2% during the current fiscal year, and by 15.1% since its most-recent high, achieved on 14 May 2021.
