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US dollar hits Rs230 in the interbank

The Pakistani rupee continued its free fall and dropped to a record low amid the political uncertainty in the country

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US dollar hits Rs230 in the interbank on Monday!

The negative sentiment arising from Pakistan’s political front persists in Rupee’s free fall.

A reported the US currency was being traded at around Rs230 in interbank after appreciating by Rs1.63 compared to the previous close of Rs228.37.

However, the rupee regained some ground after having slipped to 232 in intraday trading.

According to the data released by the State Bank of Pakistan (SBP), the local currency closed at 229.88 against the greenback.

The local currency surpassed its last record low of 228.37 against the US Dollar after a fresh decline of Rs1.51 or 0.66%.

The acting governor of Pakistan’s central bank, Murtaza Syed, in a recent presentation to international investors said: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”

SBP Deputy Governor Dr. Inayat Hussain in an exclusive with SBP Podcast said that since December 21 PKR has depreciated by 18% and 12% of it is owing to the strengthening of US$ globally.

“Domestic factors are also at play. We expect the demand-supply gap to narrow soon,” he added.

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