Rupee hits new low against US dollar in interbank
The rupee hit a new low against the US dollar in the interbank on Monday.
The Pakistani rupee depreciated against the greenback by Rs4.30.
According to the Forex Association of Pakistan, the dollar was trading at a record Rs215.25 against the local currency at 1:18 pm, up Rs4.3, or two percent, from Friday’s close.
This is a new all-time high record in interbank trading history.
On Friday, the dollar had closed at Rs210.95.
The dollar started declining for a brief period after reaching a peak of Rs211.93 on June 22.
On July 4, it fell to a low of Rs204.56.
It gained Rs2.38 in the interbank market on July 5.
According to economic analysis, “The rupee is under pressure as the market is uncertain about the new setup and the decisions it will take.”
