Pakistani rupee hits all-time low

KARACHI: The US dollar continued to soar against the Pakistani rupee, reaching a new historic high during intra-day trading in the inter-bank market on Tuesday.

The Pakistani rupee continued to weaken, shedding an additional 82 paisas against the US dollar, which was being traded at Rs173 in the during intra-day trading in the inter-bank market.

Last week, speaking at the launch of the Kisan Portal, Prime Minister Imran Khan had said that the pressure on the Pakistani rupee is temporary and will be over soon.

Economists say that the main reason for the rise in the value of the dollar and the depreciation of the rupee is Pakistan’s current account deficit and IMF’s demand for further devaluation of the rupee.