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Wednesday, September 28, 2022
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HomeBusinessRupee falls close to all-time-low against dollar

Rupee falls close to all-time-low against dollar

The rupee fell close to its all-time-low value against the US dollar, reaching Rs239.65 on Wednesday in the interbank market.

According to the State Bank of Pakistan (SBP), the rupee further depreciated by 0.31 percent or Rs0.74 in the interbank market on September 21.

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The rupee has lost 26 percent of its value against the dollar during the current calendar year. The foreign exchange reserves of Pakistan have been declining every week because of government’s failure to arrange dollar inflows.

The previous record lowest value of the rupee against the greenback was recorded at Rs239.94 on July 28.

US dollar index was up 0.1 percent to 110.27, extending a 0.6 percent overnight gain, and remained not far below a 20-year high of 110.79 hit this month.

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A market expert told local media that the greenback has been on the rise mainly because of its smuggling into Afghanistan.

Experts have suggested that the government must restrict the amount of dollar that is being sold to those leaving Pakistan and SBP should play its role instead of just imposing fines.

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