On Friday, the US dollar against the Pakistan rupee continued its hawkish trend in the inter-bank market. The value of the local currency plummeted to an all-time low and exceeded the 178 rupees mark.
According to data from the National Bank of Pakistan, the Pakistani rupee depreciated by 0.03% and fell by 6 paisa. The trading session closed at 178.04 rupees.
In the past 17 days, the value of the U.S. dollar has increased by Rs 2.76.
It is expected that once the country obtains a US$3 billion loan program from Saudi Arabia, the Pakistani currency will recover. On December 6, the currency had rebounded by 29 paisa, but since then, although a new monetary policy was announced earlier this week, it has been struggling ever since.
Last month, Shaukat Tallinn, the prime minister’s financial assistant, stated that the government is considering a series of measures to curb the economic downturn. He attributed the devaluation of the local currency to “speculation” and said that each dollar was undervalued by 10 rupees.
However, in the open market, the rupee remained stable and the transaction price was 180.70 rupees per dollar.