Greenback further weakens Pak Rupee

Karachi: The US dollar further weakened Pakistan Rupee on Monday as the former reached a new record low on Monday, selling at 178.17 against the dollar in the interbank market.

The local currency has witnessed nearly 17% fall since May.

On Tuesday, Pak Rupee recorded a minimal decline of 0.02% against the US dollar owing to the widening current account deficit.

The rupee has maintained the downtrend for the past seven months. It has lost 17% (or Rs25.9) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.06%, the rupee has depreciated by 13.09% (or Rs20.63) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.