Tuesday July 19, 2022

Rupee Falls To New Low of 221 Against Dollar After Breaking All Previous Records

Karachi: The Pakistani rupee depreciated on Tuesday breaking all previous records falling to a new low of 221 against the dollar in morning interbank trade.

The local currency fell by Rs5.80 in the interbank market after yesterday’s close of Rs215.20 Tresmark data showed.

The rupee was trading in the open market at Rs222 against the dollar today.

Data released by State Bank of Pakistan yesterday showed that the rupee lost Rs4.25, or 1.97%, against the US dollar.

It was the highest day-on-day depreciation after March 26, 2020.

On June 22, the rupee had closed at a record low of 211.93 against the greenback and since then the currency has remained volatile.

The ruling PML-N’s thumping in the Punjab by-elections has triggered political uncertainty along with import pressure taking the Pakistani rupee to new lows.

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