Rupee continues to be on slippery ground, hits new historic low of 177.43

Rupee continues to be on slippery ground, hits new historic low of 177.43

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Karachi: As the Pakistani currency hit a record low of 177.43 rupees against the US dollar in the interbank market on Wednesday, the depreciation of the rupee did not get a respite because the demand for foreign currencies was higher than its supply in Pakistan. With the increase in import payments.

According to data released by the National Bank of Pakistan, the local currency closed at 176.79 rupees against the US dollar on Tuesday.

In the past seven months, the rupee has maintained a downward trend. Compared with the 22-month high of 152.27 rupees set on May 14, it has fallen 16.52% (or 25.16 rupees) so far.

According to data released by the Central Bank, the rupee has depreciated by 0.36% since the beginning of the Japanese fiscal year on July 1, 2021, and it has depreciated by 12.62% (or 19.89 rupees).

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