Pakistan rupee plunges to all time lowest level against US dollar

Pakistan rupee plunges to all time lowest level against US dollar
Karachi: The US dollar on Thursday gained massive Rs3.40 against Pakistani Rupee in early trading in the interbank market.

The greenback has now reached to Rs165 surpassing all time high record of Rs164.70.

The outflow of hot money is also in the swing after the State Bank of Pakistan decreased the policy rate to 11 per cent.

The outflow caused shortage of dollar in the market, serving blows to the local currency in the market.

The SBP twice decreased the interest rate after coronavirus pandemic attacked Pakistan, causing losses to business community as there is lockdown in most of the areas of the country.