 reports that the local currency decreased by Rs1.87 to settle at Rs299 in){kind=link}
In the interbank market on Tuesday, the Pakistani rupee hit a record low against the US dollar as a result of the relaxing of import restrictions that have increased demand for the USD.
rupee drops against US dollar: State Bank of Pakistan (SBP) reports that the local currency decreased by Rs1.87 to settle at Rs299 in interbank trading.
The exchange rate for a dollar in the open market was Rs312.
Yesterday, the local currency reached a value of Rs297.13, up Rs1.35 from the previous week’s finish of Rs295.78.
In order to stop the drain on its dwindling foreign reserves, Pakistan introduced import restrictions beginning in 2022. The International Monetary Fund’s $3 billion loan program, aimed at supporting the crisis-ridden economy, required the lifting of such limits starting in June.
Amidst intense political unrest, historically high inflation, and interest rates, a caretaker administration is leading Pakistan. This administration has the responsibility of guiding the nation through a national election that, in principle, should take place by November.