Last Updated on: 22nd July 2023, 11:24 pm
PAK Rupee Decreases To A Record Low Of 266 Against The US Dollar
The PAK Rupee continued to depreciate in the interbank market on Friday, trading at 266.6 rupees per dollar as of 10:32 am.
The local currency is down 11.17 rupees since the close yesterday, according to the Pakistan Exchange Companies Association (ECAP).
Yesterday the currency fell from Rs 24.54 to a record low of Rs 255.43 in interbank transactions, the largest single-day absolute and percentage depreciation since the new exchange rate regime was introduced in 1999.
The massive devaluation came after the government removed an unofficial cap on the USD-PKR exchange rate in a bid to revive the International Monetary Fund’s (IMF) stalled lending program.
Also Read: PAK Rupee Continues To Fall To Record Lows Against The UAE Dirham