Rupee Crashes Against US Dollar 4th Day in a Row

 The Pakistani rupee fall down to a new record low against the US Dollar today, making history after opening trade at 296 in the interbank market.

At noon, the market wasn’t doing well. Prices dropped to as low as 300, falling by about Rs. 4 compared to the dollar. This was because the market was influenced by negative trends when it opened.

Later, things got worse as it reached 301 between 1:30 PM and 2:30 PM. The market stayed around this level for the rest of the day.

Lately, the value of the Pakistani rupee has fallen by about Rs. 81 since January 2023. Looking back to April 2022, it has dropped by more than Rs. 128 compared to the US dollar. Today, the Pakistani rupee lost 78 paisas in value against the dollar

As of August 18, the State Bank of Pakistan had foreign currency reserves worth $7.931 billion. This is a decrease from $8.055 billion recorded on August 11. The bank explained that the drop in reserves happened because they had to pay back some debts.