Rupee hits historic low against US dollar

KARACHI, July 25 (SABAH):: The Pakistani rupee hit an all-time low against the US dollar on Monday during intraday trade in the interbank marketas the political crisis in the country deepens.

The rupee slumped to 230 during intraday trade, as compared to its rate of 228.37, according to the data from the State Bank of Pakistan (SBP).

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.

In a recent presentation to international investors, the acting governor of Pakistan’s central bank, Murtaza Syed, said: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”