Rupee continues to drop against US dollar

KARACHI: The Pakistani rupee continued Tuesday to lose ground against the US dollar and hit a new low during intraday trade in the interbank market, keeping the financial market jittery amid an ongoing political crisis.

The local unit is trading in the interbank market at 233, up from 229.88 a day earlier.

The rupee has been one of the world’s worst-performing currencies, slumping 30.2% since the start of the year (2022).

Fears have risen about Pakistan’s stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country’s forex reserves stand below $10 billion with inflation at the highest in more than a decade.