Karachi: The Pakistani rupee hit a record low on Monday. It was sold at a price of US$178.17 against the US dollar in the inter-bank market and continued to decline. It has fallen by nearly 17% since May.
On Tuesday, due to the widening current account deficit, the exchange rate of the local currency against the US dollar fell slightly by 0.02%.
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 14th, it has fallen by 17% (or 25.9 rupees) so far.