Rupee crosses 180-mark against US dollar

The downtrend in the local currency persisted on Thursday and the rupee fell to a fresh all-time low at Rs180.07 against the US dollar in the inter-bank market owing to expectations of an unsustainable current account deficit, according to a media report.

According to data released by the State Bank of Pakistan (SBP), the local currency shed Rs0.63 or 0.35 per cent against the greenback to settle at Rs180.07.

During the day the local unit traded between the range of 179.8 and 181.2 in the interbank market.

Currency dealers indicated that the demand for the greenback was high despite declining oil prices on the international market.

The rupee has maintained a downward trend for the past 10 months. It has lost 18.25 per cent (or Rs27.8) to date, compared to the record high of Rs152.27 recorded in May 2021.

With a fresh decline of 0.35 per cent, the Pakistani rupee has depreciated by 14.3 per cent (or Rs22.53) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

 

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