Political uncertainty, widening external debt and dwindling reserves continued to drag the Pakistani rupee down with the US dollar gaining another rupee in value on Tuesday as it inched towards its all-time high.
According to data released by the State Bank of Pakistan (SBP) on Tuesday afternoon, it showed that the rupee had depreciated by 0.42% or Re1.
On Tuesday, the interbank market closed with a single US dollar valued at Rs238.91.
This was up from Rs237.91, the value at which the market had closed on Monday.
Earlier during interbank trading on Tuesday morning, a single dollar was being traded for as high as Rs239, having lost around Rs1.09 in value.
The US dollar attained an all-time high value of Rs239.94 on July 28 earlier this year.
In the past 20 days, the rupee has lost around Rs20.31 in value.
Open currency market
In the open currency market, the dollar continued to behave as per black market rules with its value exceeding Rs246.
Pakistan’s external debt has increased by Rs2 trillion as a result of the increase in the value of the dollar.
According to the currency dealers, food imports of $1 billion have caused a boost in the demand for dollars.
Even the IMF program’s restoration was unable to lower the value of the dollar.
This is a developing story and will be updated accordingly.