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.
--IANS
san/arm
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU