Finance
The Pakistani rupee (PKR) has dropped further against the US dollar, with the greenback trading at a record high price of 276.58 PKR in the interbank market, according to the central bank.
According to the State Bank of Pakistan (SBP), the most recent drop occurred during trading on Friday, according to the Xinhua news agency.
On Thursday, the US dollar closed at 271.36 PKR.
According to official figures, the local currency depreciated by 5.22 PKR, or about 1.89 percent, against the US dollar on the last working day of the week.
Reza Baqir, former governor of the SBP, told Xinhua that the country’s foreign exchange reserves are being depleted, as are exports and remittances from overseas Pakistanis, is directly influencing the foreign reserves and eventually the value of the rupee.
According to Baqir, all of these factors, as well as the global recession, are contributing to negative sentiments and uncertainty in the market, resulting in the local currency’s free fall.
Source:OCN
