US Dollar hit all-time-high against Pakistani Rupee

KARACHI (PNI) The US dollar on Tuesday has hit an all-time high against the Pakistani rupee in the interbank market.

According to details, the value of the greenback surged by 0.85 paisa today to trade at Rs168.95 in the interbank market, earlier the all-time highest was Rs168.58.

The value of the US dollar soared by Rs16.67 during the last four months.

Yesterday, the trading of the greenback in the inter-bank market closed at Rs168.10 paisas.

Currency dealers, ex­­perts and analysts have many reasons for the steep fall in the local currency value against the US dollar, but they said there was no intervention from the State Bank of Pakistan (SBP) to stop this devaluation to bring stability.

The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April 2021.

The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.