April 6, 2022
1 min read

Pak rupee maintains non-stop downward streak

The Pak currency dropped 0.48 pert cent (or Re 1) to a new historic low beyond the important threshold of Rs 186 against the US dollar in the inter-bank market on Wednesday…reports Asian Lite News

The Pakistani rupee hit a record low of Rs 186.13 against the US dollar on Wednesday, compared to Rs 185.23 on the previous working day, according to the data released by the State Bank of Pakistan (SBP), Geo News reported.

The Pak rupee has maintained a non-stop downward streak for the 16th successive working day except on March 24, when it closed flat compared to the previous day’s closing with investors worried about the political situation and economy, adding pressure on the central bank to rescue the falling currency.

The Pak currency dropped 0.48 pert cent (or Re 1) to a new historic low beyond the important threshold of Rs 186 against the US dollar in the inter-bank market on Wednesday.

The latest decline in rupee was seen after the Pakistan Bureau of Statistics (PBS) reported a significant surge of 70 per cent in trade deficit to $35.4 billion during the first nine months (July-March) of the current fiscal compared to the same period last year.

Besides, the International Monetary Fund (IMF) placed the ongoing $6 billion loan programme on hold for the third time in wait for the new government.

The IMF, however, clarified that it would engage to promote macroeconomic stability and looked forward to continuing its support to Pakistan.

The rupee has maintained a downward trend for the past 11 months. It has lost 22.23 per cent (or Rs 33.86) to date, compared to the record high of Rs 152.27 recorded in May 2021.

ALSO READ-Pak Rupee in free fall amid political uncertainty

Previous Story

Global Uyghur diaspora marks 32 years of Baren revolution

Next Story

Goyal hails trade deal in Australia visit

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Zardari, Lavrov discuss matters of ‘mutual interest’

The two ministers also pledged to work closely for further

Pakistan Enforces Export Ban on 212 Items to Afghanistan

The ban comes a day after Pakistan imposed a ten