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HomeNewsUSD crosses Rs229 for the first time In the interbank market

USD crosses Rs229 for the first time In the interbank market

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USD crosses Rs229 for the first time

KARACHI – The Pakistani rupee fell further on Thursday as the US dollar surpassed Rs229.98 in the inter-bank market, setting a new high.

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As the country’s economic challenges grew, the dollar’s meteoric rise continued, as commercial banks reportedly resumed lines of credit for high-cost oil imports.

The USD has reached a new high in response to rising demand for the currency, despite a lack of supply in the interbank market.

The State Bank of Pakistan (SBP) explained the factors behind the significant depreciation of the rupee, stating that the current account situation, under the dynamic market-based exchange rate system, corresponds to news of internal uncertainty. This combination has resulted in daily fluctuations in the value of the rupee.

On Wednesday, Prime Minister Shehbaz Sharif requested an urgent board meeting of the International Monetary Fund (IMF) to approve Pakistan’s request for a bailout package, as the rupee fell for the third day in a row due to high political volatility and a halt in major foreign loan inflows.

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