Political uncertainity pulls Rupee to historic low against USD

Pakistani rupee continued to struggle against the US dollar in the interbank market amid ongoing political uncertainty.

According to forex dealers, the US dollar continued gaining against the rupee and peaked to its historic high level of Rs184.02 in early trading.

The rupee depreciated by 54 paisas against the dollar in interbank market during early trade.
The domestic currency also lost ground in the open market and trading at over 185 against the greenback.
n Thursday, the domestic unit closed at Rs183.48 in the interbank market.
Experts say political chaos in the country and uncertainty surrounding the seventh review of the $6 billion International Monetary Fund (IMF) loan programme are keeping the rupee under pressure.

It is pertinent to mention here that the local unit has been under pressure since start of the current financial year as the dollar has appreciated by Rs25.10 since 1st July 2021.

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