Pakistani rupee hits record low against USD

Sun, 09 Mar 2025

Pakistani rupee hits record low against USD

Xinhua
29 Aug 2023, 21:35 GMT+10

Pakistani rupee hits record low against USD

ISLAMABAD, Aug. 29 (Xinhua) -- The Pakistani rupee hit a record low against the U.S. dollar on Tuesday as the greenback was traded at 303.05 rupees in the interbank market, according to the State Bank of Pakistan.

The U.S. dollar closed at the then-record low of 302 rupees on Monday. On the second session of the week, the local currency depreciated by 1.05 rupees, or about 0.35 percent, against the U.S. dollar, official figures showed.

Mohammed Sohail, CEO of local brokerage house Topline Securities Ltd, told Xinhua that the local currency has been under pressure since the recent past mainly because the central bank is not intervening in the exchange rate market.

Moreover, more and more people are buying the greenback from the market in expectation that the rupee would fall further, he said.

"Lastly, on the advice of the International Monetary Fund, the government has been very lenient in opening import letters of credit which they were restricting earlier. That is also creating some pressure," Sohail said.

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