36 C
Lahore
Monday, May 16, 2022
HomeBusinessRupee’s downward spiral continues as it touches 190 against US dollar

Rupee’s downward spiral continues as it touches 190 against US dollar

The Pak rupee reached Rs190 against the US dollar on Thursday, breaking all previous records of devaluation.

The rupee sold at above Rs190 against the dollar in the interbank market during intra-day trading on Thursday, continuing a downward spiral that has seen it lose its value by more than Rs10 in the past month, and more than Rs5 in the past week alone.

- Advertisement -

The Pakistani rupee was down Rs3.87 from Wednesday’s close of Rs186.13.

At the beginning of the fiscal year on July 1, 2021, the value of the rupee against the dollar was 157.85, rising to 178.25 by January 1, 2022.

It steadied itself to around Rs175 in February, before sliding down again and crossing 180 at the end of March.

- Advertisement -

The Pak rupee registered 183.85 against the US dollar on April 1, with a sudden fall from 183.38 to 186.05 between April 5 and April 6.

The head of research of Arif Habib Limited told a local media organization that the rupee continued to depreciate against the dollar due to the rising price of oil in the international market.

Moreover, the recent surge in the last week, especially that after April 5, comes amidst rising political instability and uncertainty as (interim) Prime Minister Imran Khan dodged a no-confidence motion through a controversial ruling that has received a massive backlash from the opposition.

Advertisement
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Top news

Related articles