KARACHI: Pakistani rupee plunged to an all-time low of Rs176.22 against the US dollar in the inter-bank market on Monday.
The dollar value increased amid a strong demand of the greenback as widening current account deficit exerted pressure on the already fragile rupee.
According to the State Bank of Pakistan (SBP), the local currency closed at Rs176.20 against the greenback today while the rupee traded at Rs175.44 on Friday.
The local currency last dropped to a record low of Rs175.73 against the US currency on November 12.
The rupee has maintained the downtrend for the past six months. It has lost 23.93% (or Rs23.46) to date, compared to the 22-month high of Rs152.27 recorded on May 14.
With a fresh decline of 0.42%, the rupee has depreciated by 11.84% (or Rs18.66) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
