This Site is in Under Construction

Pakistani rupee record falls against US dollar

Date:

KARACHI: The Pakistani rupee sinks to yet another record low of Rs182 against the US dollar in the interbank market during the intra-day trading.

Speculative trading due to political unrest, mounting demand for the dollar, rising commodity prices in the international market, and other weak economic/political indicators all exerted downward pressure on the rupee.

The rupee fell past the Rs182-mark against the US dollar today for the first time in the interbank market in the history of Pakistan.

Speaking to local media, Alpha Beta Core CEO Khurram Shehzad said that political uncertainty in the wake of the no-confidence motion submitted against Prime Minister Imran Khan is taking a toll on the local currency.

“Whenever there is uncertainty in the country all commodity markets including, the currency market and stock exchange face the wrath of the unrest,” he said, adding that rising commodity prices in the international market is also impacting the movement of the local currency.

The analyst further predicted that the movement of the rupee against the greenback is expected to remain downward till the end of the fiscal year 2021-22.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

World’s biggest producer Indonesia faces palm-oil crisis

JAKARTA: In mid-march Izawati Dewi, a mother of one, began...

Iran slams new US sanctions amid nuke deal uncertainty

TEHRAN: The spokesperson for Iran's Foreign Ministry, Saeed Khatibzadeh, dismissed...

President of Ghana inaugurates a “state-of-the-art” Nissan assembly plant

ACCRA: Ghana's President Nana Addo Danquah Akufo-Addo officially opened...

Ahead of Ramadan Somali families cut their shopping budget due to inflation 

MOGADISHU: Russian and Ukraine war has worsened food shortages...