Friday November 12, 2021

Rupee drops to historic low of Rs 178 against US dollar

KARACHI: The Pakistani currency dropped Friday to an all-time low of Rs178 against the US dollar in the inter-bank market during intra-day trading, as demand for the foreign currency stood higher than supply amid an increase in import payments, rising global commodity prices and uncertainty about the resumption of the IMF loan programme.

The local currency last dropped to a record low of Rs175.26 against the US currency on October 26.

The government has decided to let the market-based, flexible rupee-dollar exchange rate mechanism determine the value of the rupee against the US dollar, keeping in view the demand and supply of foreign currency in the inter-bank market.

The inter-bank market mostly meets the demand for import payments through receipts of export earnings and workers’ remittances sent home by overseas Pakistanis.

← Back>