New Delhi: Volatility emerged again as the Pakistani rupee depreciated Rs 0.60 against the US dollar to Rs 188.66 in the inter-bank market. The value of the greenback surged by 82 paise in early trade and is currently being traded at Rs 188.35 in the interbank market, hitting an all-time high.
The rupee extended its decline amid depleting foreign exchange reserves and uncertainty over the revival of the International Monetary Fund (IMF) program that mounted pressure on the local currency.
The Pakistani rupee’s weakest closed on April 7, 2022, when it closed at 188.18. Economy experts suggest that a surging trade deficit is another crucial factor that keeps pressure on the domestic currency.
According to the Pakistan media, On the other hand, foreign exchange reserves of the country’s central bank plunged by $328 million to $10.558 billion during the week that ended on April 23.
On the other side, however, The Indian rupee plunged to an all-time low of 21.10 against the dirham on Monday as the dollar strength dented demand for riskier assets and foreigners continued to dump the nation’s stocks following US monetary policy tightening.
According to a currency expert, The rupee fell past its previous record low of 76.98 against the dollar (20.97 against the dirham) in March to 77.56 (21.13 against the dirham) on Monday and is likely to touch 79 per dollar, or 21.49 against the dirham, in the absence of any serious intervention by the monetary authorities.
(Smit Soni)