Pakistani rupee falls to all-time low against US dollar


FE Team | Published: July 19, 2022 18:19:13 | Updated: July 22, 2022 15:23:07


-Reuters file photo

The Pakistani rupee fell to an all-time low against the dollar for the second day in a row on Tuesday, closing at Rs222 in the interbank market.

According to the Forex Association of Pakistan (FAP), the greenback was up Rs8.8, or 4 per cent, against the previous day’s close of Rs215.20 to reach Rs224 around 2:30 pm, reports Dawn.

However, it closed at Rs221.99, appreciating 3.1pc, according to the State Bank of Pakistan (SBP).

Mettis Global Director Saad Bin Naseer said the rupee was seeing a decline due to “panic buying [of the dollar] by banks in the interbank market”.

 

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