ISLAMABAD: Devaluation of the Pakistani rupee against the US dollar continued as the greenback touched an all-time high of 176.20 rupees in interbank trading, figures from the State Bank of Pakistan revealed.
The US dollar closed at 175.46 rupees on Friday, and on Monday opened higher, after the local currency devalued by 0.74 rupees, or about 0.42 per cent, the official figures showed.
The Pakistani rupee has started suffering depreciation against the greenback since May 2021 when it started surging from 152.27 rupees, Xinhua news agency reported.
Local economic analysts believe that the high demand for the greenback and uncertainty associated with the country’s deal with the International Monetary Fund to get a tranche of $1 billion in loan are the major causes of the upward flight of the greenback against the Pakistani rupee.
Local importers have bought a bulk of dollars from the local market, leading to the continuous surge of the $US against the Pakistani currency.
Speaking to media earlier on Saturday, Finance Minister Shaukat Tarin said the rupee will bounce back and come out stronger against the $US after the actions taken by the Pakistani government.