Pak rupee plummets to all-time low against US dollar

Karachi: The local currency was recorded historic low against the US dollar in the inter-bank market on Wednesday, as it closed above 206 for the first time.

The rupee settled at Rs206.46, a depreciation of Rs1.3 or 0.63% against the greenback, as the currency market anticipated a further spike in inflation, while the dollar added strength internationally.

Interbank closing #ExchangeRate for todayhttps://t.co/5WvqJcimxu pic.twitter.com/s79fz42ZrW

— SBP (@StateBank_Pak) June 15, 2022

On Tuesday, the local unit had settled at the then-record low of Rs205.16.