Rupee slide continues, hits Rs229.88 against dollar in interbank

Business

25 July,2022 04:20 pm

KARACHI (Dunya News) – The downward slide of the Pakistani rupee (PKR) continues as the currency has lost 58.49 paisa in the interbank market against the US dollar despite the government’s assurances of market stability in the coming days.

According to the data released by the State Bank of Pakistan (SBP), the rupee closed at 229.88, losing 0.66%.

As per the economic experts, the downfall of Pakistani rupee against the US dollar is due to the political uncertainty in the country.

The decline in the rupee’s value has accelerated after rating agency "Fitch" downgraded Pakistan’s rating, increased Euro-bond yields and no active supply from the State Bank.