Pakistan rupee tumbles to fresh all-time low against US dollar

The Pakistani rupee's slide continued against the US dollar in the interbank currency market, ARY News reported.

The Pakistani rupee on Wednesday tumbled to a fresh all-time low at Rs 173.50 against the greenback. The greenback gained 37 paise at the start of the trading day.

On Monday, the rupee closed at Rs 172.72 against the US dollar.

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

Earlier, the central bank introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb the undesirable outflow of foreign currency, the report said.

According to guidelines shared by the State Bank of Pakistan, persons travelling to Afghanistan will be allowed to carry only $1,000 per person per visit with a maximum annual limit of $6,000.

Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to $500 and above and outward remittances and it would be applicable with effect from October 22.