Pakistan’s Economic Crisis: Pakistani rupee plunges to all-time low against US dollar

New Delhi: In yet another setback for Pakistan’s already troubled economy, the Pakistani rupee slumped to an all-time low against the US dollar on Tuesday in the interbank market.

The value of the greenback surged by 82 paisa in early trade and currently trading at Rs 188.35 in the interbank market, hitting an all-time high, reported ARY News.

According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency.

The forex dealers have further shared that the greenback is being sold above Rs 189 in the open market.

The US dollar on the other day closed at Rs 187.53 in the interbank market, reported ARY News.

According to experts, the surging dollar has shattered the confidence of the rupee-based economy and its stakeholders.

The gloomy macros will continue to put pressure on the local unit, they said. Also Read: India looking at tapping new markets for edible oil: FM Nirmala Sitharaman

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by USD 328 million to USD 10.558 billion during the week that ended on April 23, data released by the central bank showed, reported ARY News. Also Read: 7th Pay Commission: 4% DA Hike arriving in July? Check latest update for govt employees