In the midst of ongoing political unrest and deteriorating economic conditions, the Pakistani rupee reached Rs221 to the dollar on Tuesday in the interbank market. The dollar increased by Rs5.80 around 12:00 am to reach an all-time high in the market before closing on Monday at Rs215.20 per rupee.
The open market price of the US dollar has increased by Rs 6, to Rs 222. By the end of today’s session, according to experts, the foreign currency could reach a new milestone. The rupee has depreciated at its highest daily rate since March 26, 2020.
The occurrences occur at a time when political unrest was sparked by the PML N’s loss in the Punjab by-elections and local currency reached a new low due to import pressure.
The rating agency stated in a statement that Pakistan’s external financial situation and financing conditions have significantly worsened since early 2022, which is reflected in the revision of the outlook to negative.