Pakistani Rupee Falls To New Low Against US Dollar Amid Political Uncertainty

The Pakistani Rupee on Monday plunged to a record-low against the US Dollar (USD to PKR) as it closed at Rs. 215.20 in the interbank market.

According to the State Bank of Pakistan, the Pakistani Rupee has depreciated against the US Dollar by Rs. 4.25 at the closing of the interbank market on 18 July 2022 (Monday) compared to 15 July 2022 (Friday).

Previously, the Pakistani Rupee had reached a peak of Rs. 211.93 on 22 June 2022 and started recovering for a brief period and fell to a low of Rs. 204.56 on 4 July 2022 after the Chinese inflows of $2.3 billion.

However, the Pakistani Rupee has continued to decline since expect for slight reversal on 15 July – the day IMF announced it has reached a staff-level agreement with the Government.

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