Pakistani rupee continues to fall against US dollar, hits new low

Pakistani rupee is continuously falling against the US dollar and hit an all-time low Rs 177.43 against the USD on Wednesday amid the rising inflation in the country and increasing demand for foreign currency.

According to the data released by the State Bank of Pakistan, the local currency closed at Rs176.79 against the greenback on Tuesday, reported Geo News.

The rupee has maintained the downtrend for the past seven months. It has lost 16.52 per cent (or Rs 25.16) to date, compared to the 22-month high of Rs 152.27 recorded on May 14, further, the Pakistani publication said.

With a fresh decline of 0.36 per cent, the rupee has depreciated by 12.62 per cent (or Rs 19.89) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

The new fall came as a fresh report by The News International revealed that the Pakistani rupee's value against the US dollar has fallen by 30.5 per cent during the Imran Khan government's tenure.

This makes it one of the highest devaluations of the currency in the country's history. The rupee witnessed massive depreciation from Rs 123 against the US dollar in August 2018 to Rs 177 against the US dollar in December 2021, a decline of 30.5 per cent over the last 40 months, reported The News International.

( With inputs from ANI )