Tuesday May 17, 2022

US Dollar Hits Record High Against PKR

KARACHI: Pakistani rupee continued to tumble against the US dollar, breaching yet another important threshold of 196 the interbank market to hit its weakest level on Tuesday.

Maintaining its downturn for the eighth successive working day, the Pakistani rupee was being traded at Rs195.74 against the greenback surpassing its last day’s record low of Rs194.18.

A persistent delay in the receipt of the next tranche of $1 billion from the International Monetary Fund (IMF) is mounting pressure on the rupee.

The situation is likely to remain uncertain for the local currency, AA Commodities Director Adnan Agar said while speaking to Geo.tv as the local unit fell below 196-mark against the greenback during the trading session today.

“If the government decides to remove subsidies on petroleum products, the rupee will bounce back,” he said, adding that the local unit will remain within the range of 180-185.

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