Rupee crosses Rs. 185 Mark Against US Dollar for First Time in Pakistan’s History

KARACHI: Pakistan’s rupee plunged to a record low against the dollar on Tuesday, closing the intraday market at Rs185.23, down Rs1.14 from Friday’s 184.09.

For the first time in Pakistan’s history, the local currency surpassed the Rs185-mark. Over the last month, the rupee has depreciated by almost Rs7 against the greenback.

Over the past few days, the Pakistani rupee has suffered mainly because the US dollar has strengthened against other major global currencies. Due to the uncertain political situation and stalled International Monetary Fund (IMF) program, the recent decline has occurred.

Since the beginning of the current fiscal year, the rupee has dropped a massive 17.57% (or Rs27.69) as compared to the previous fiscal year’s close at Rs157.54 on June 30, 2021. 

Meanwhile, the rupee has maintained a downtrend for the past 12 months. It has lost 21.64% (or Rs32.96) to date, compared to the 22-month high of Rs152.27 recorded in May 2021.

Meanwhile, other currency dealers said the rupee is expected to remain under pressure in the ongoing week on the unending political showdown in the country.

Talking to Geo TV, Samiullah Tariq, Head of Research, Pakistan-Kuwait Investment Company, said, “The stalling of the IMF program has a direct impact on the rupee there. Apart from this, due to the uncertainty of the program, this decline is being seen.”

Meanwhile, open market forex rates of other currencies against the Pakistani rupee are as follows: