Pakistani Rupee Plunges to New All-Time Low Against US Dollar

The Pakistani Rupee (PKR) has fallen to an new all-time low against the US Dollar (USD) at the closing of the interbank market on Wednesday.

Pakistani Rupee, PKR, US Dollar, USD — Pakistani Rupee Plunges to New All-Time Low Against US Dollar

According to the State Bank of Pakistan (SBP), the Pakistani Rupee (PKR) closed at Rs. 299.64 on 23 August 2023 (Wednesday), which is a depreciation of Rs. 0.63 (0.2%) compared to the previous working day, when the local currency closed at Rs. 299.01 against the greenback.

Previously, the Pakistani Rupee (PKR) fell to its lowest point of Rs. 298.93 on May 11 and it was able to recover significantly. This time, the local currency is expected to trade between Rs. 295 and Rs. 305 for time being as per experts.

Meanwhile, the black market for the US Dollar has crossed Rs. 300 and the greenback was being traded between Rs. 312 and Rs. 318.

In total, the Pakistan Rupee (PKR) has lost Rs. 81 against the US Dollar (USD) since the start of the year and it is down Rs. 128 since April 2022, when the PDM-led government took over after the ouster of Ex-Prime Minister Imran Khan from office.

While, the local currency lost against most other major currencies, it did manage to gain Rs. 2.31 and Rs. 2.10 against the Great Britain Pound (GBP) and Euro (EUR), respectively.

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