Rupee hits historic low of Rs182, continues to struggle

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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 Geo.tv, Alpha Beta Core CEO Khurram Schehzad 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.

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