Rupee drops to all-time low of Rs178.19 against US dollar

Karachi: The Pakistani rupee continued to slip and slide Tuesday and tumbled in the interbank market for a second consecutive session.

According to the State Bank of Pakistan, the local currency depreciated around Rs0.01% against the greenback to settle at Rs178.19 on Tuesday in interbank market and faltered to all-time low of Rs178.19. It recorded a decrease of 2 paisas.

Meanwhile, in the open market, the dollar increased by 50 paisas and reached an all-time high of Rs181.50.

It is pertinent to mention here that the rupee has maintained the downtrend for the past seven months. It has lost 17.02% (or Rs25.92) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

A day earlier, the US dollar further weakened Pakistan Rupee as the former reached a new record low, 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.