Rupee falls to all-time low against US dollar to Rs 192.53
Business
Analysts believed that multiple factors caused devaluation of the local currency.
KARACHI (Haris Zamir) - Devaluation of the Pakistani rupee against the US dollar continued as the greenback closed at a historic high of Rs 192.53 after an increase of Rs1.23 in interbank trading on Friday.
In the open market, the dollar the dollar was sold above Rs 194 after an increase of Rs 1.50.
Analysts believed that multiple factors including the government’s failure to secure a fresh loans and rollover from China, UAE and Saudi Arabia proved to be an avalanche for the domestic currency. Delay in IMF talks also gave shivers to the Pakistani rupee.
Talks with IMF had stalled over the fuel subsidy provided by the previous government.
Another factor which jolted the local currency was the rising prices of commodities including crude oil which widened the trade deficit by a huge margin.
