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Rupee hits another record low against US dollar

The local currency has devalued by over 12.2% during the current fiscal year

Dollar rateRupee hits another record low against US dollar | OyeYeah News
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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.

 

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.

 

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.