Karachi, April 7 (SocialNews.XYZ) The Pakistani rupee surpassed all records on Thursday, selling at above Rs 189 against the US dollar in the interbank market during intra-day trading, to continue its downslide that has seen it lose more than 10 per cent since March 4 in the wake of the deepening political crisis in the country, Geo News reported.
The local currency closed at Rs 188.18 in the interbank market, down Rs 2.05, or 1.09 per cent, from Wednesday's close of Rs 186.13.
The rupee has continued a non-stop downward streak for the 17th successive working day, except on March 24 when it closed flat compared to the previous day's closing as investors worried about the political situation and economy, adding pressure on the central bank to rescue the falling currency.
Former Finance Minister Hafiz Pasha said that the Pak currency is under double pressure -- economic and political.
"Uncertain political situation, rising current account deficit and depleting foreign exchange reserves are the prime reasons behind the free fall of the rupee against the greenback," he said, mentioning that suspension of the International Monetary Fund (IMF) programme has also raised concerns among the investors.
The rupee has maintained a downward trend for the past 11 months, losing 23.58 per cent (or Rs 35.91) to date, compared to the record high of Rs 152.27 recorded in May 2021.
Source: IANS
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