Rupee drops to all-time low of Rs178.24 against US dollar

Karachi: The Pakistani rupee continued to slip and slide Tuesday and tumbled against US dollar in the interbank market at the close of the trading session.

The Pakistani rupee continued its downward slide against the US dollar, dropping to an all-time low of Rs178.24 in the interbank market.

The plunge came on the back of a mammoth import bill for November and widened the current account deficit.

The rupee has maintained the downtrend for the past seven months. It has lost 16.82% (or Rs25.67) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.03%, the rupee has depreciated by 13.13% (or Rs20.7) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

A day earlier, as per the State Bank of Pakistan, the local currency depreciated around Rs0.01% against the greenback to settle at Rs178.19 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.