Pakistani rupee plunges to record-breaking low against US dollar
Dollar rises by Rs1.56, rupee hits 228.37 as political uncertainty continues in Pakistan
The Pakistani rupee continued the downward trend against the US dollar, plunging to a record-breaking low of 228.37 at the close of Friday's trade.
During the intraday trading, the rupee fell to as low as 229, but it closed at 228.37, losing Rs1.56 or 0.68%, the data released by the State Bank of Pakistan (SBP) showed.
Political uncertainty arising out of the outcome of the Punjab by-elections, a downgrade of Pakistan’s ratings from stable to negative by Fitch Ratings, and a delay in the International Monetary Fund’s (IMF) programme are attributed by analysts as reasons for the continued battering that the rupee has taken.
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