In the interbank market on Tuesday, the Pakistani rupee fell to an all-time low against the US dollar.
According to ARY News, the value of the dollar increased by 82 paisa in early trade and is now trading at rupees 188.35 in the interbank market, an all-time high.
The exchange rate remained under pressure, according to forex dealers, as the US dollar continued to rise against the local currency.
The greenback is also being sold above rupees 189 in the open market, according to forex dealers.
According to ARY News, the US dollar closed at rupees 187.53 in the interbank market the other day.
The surging dollar, according to experts, has shattered the rupee-based economy’s and stakeholders’ confidence.
They predicted that the gloomy macros would continue to put pressure on the local unit.
Meanwhile, according to ARY News, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by USD 328 million to USD 10.558 billion in the week ending April 23, according to data released by the central bank.
