Pakistani Rupee Crashes to Record Low Against US Dollar

The Pakistani Rupee has depreciated to a record-low against the US Dollar on Tuesday as it closed at Rs. 221.99 in the interbank market after being traded at Rs. 225 in the open market.

According to the State Bank of Pakistan (SBP), the Pakistani Rupee has depreciated against the US Dollar by Rs. 6.79 (3.06%) at the closing of the interbank market on 19 July 2022 (Tuesday) compared to 18 July 2022 (Friday).

Read more: USD to PKR – Dollar Rate in Pakistan – 19 July 2022.

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.

Meanwhile, PTI Chairman and Former Prime Minister, Imran Khan, has slammed the coalition government saying that the economic meltdown shows that ‘Sharifs’ never had any expertise in running the economy and their only expertise is looting, money laundering, and getting NROs.

“The nation will hold accountable all those responsible for regime change conspiracy and bringing Pakistan to this sorry state of affairs.” he added.

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