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Economy Latest Pakistan

Pakistani Rupee Hits New Lows Against US Dollar, Dollar Reaches Rs 316

Karachi: The Pakistani rupee continued its downward spiral against the US dollar for the second straight trading session this week in Karachi.

Currency dealers reported the rupee shed 87 paisas against the dollar in interbank deals, with the dollar climbing to Rs299. In the open market, the dollar shot up to a record high of Rs 313 for buying and Rs 316 for selling, according to Forex.

The rupee has been on a near-continuous depreciation curve since the caretaker government assumed office 11 days ago. It has lost over 3% of its value during this period, while the dollar has hit new peaks. In just 8 business days, the dollar has gained over Rs 10 against the rupee.