Federal Budget

Rupee nosedives to all-time low of 221.99 against US dollar

Rupee nosedives to all-time low of 221.99 against US dollar

Business

Rupee nosedives to all-time low of 221.99 against US dollar

KARACHI (Dunya News) – Amid the political uncertainty in the country due to the by-elections in Punjab, the Pakistani rupee has dropped to a record low against the US dollar with the exchange rate sliding to Rs221.99 on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee closed with a fall of Rs6.79 or 3.06% to settle at Rs221.99.

The political uncertainty in the country due to the by-elections in Punjab and the import payment pressure took the currency to its new low.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 216 and Rs 219 respectively. Similarly, the price of the euro was increased by Rs 9.04 and closed at Rs 227.27 against the previous day’s closing of Rs 218.23.

The Japanese Yen gained 06 paisas to close at Rs1.61, whereas an increase of Rs 9.40 was witnessed in the exchange rate of the British Pound, which was traded at Rs 266.64 as compared to its last closing of Rs 257.24.

The exchange rates of Emirates Dirham and Saudi Riyal increased by Rs 1.85 to close at Rs 60.43 and Rs 59.11 respectively.