PKR slumps to record low against US dollar - SUCH TV

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The Pakistani rupee fell by Rs1.52 against the US dollar during interbank trade on Tuesday, extending its losses from the previous week.

The greenback was changing hands in the interbank market at a record Rs298.65 at around 1pm.

In the open market, the dollar was changing hands for Rs306.

The local currency closed at Rs297.13 yesterday, rising by Rs1.35 from the last week’s close of Rs295.78, according to data shared by the Exchange Companies Association of Pakistan (ECAP).

Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.

 

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