Pakistani rupee reaches record low against USD

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Pakistani rupee reaches record low against USD

Source: Xinhua | 2023-03-03 | Editor:Lexi

Pakistani rupee suffered a big blow against the U.S. dollar as the greenback was traded at a historic low of 285.09 rupees in the interbank market on Thursday, according to the State Bank of Pakistan.

It marks a 6.66-percent drop from Wednesday's closing price of 266.11 rupees.

Talking to Xinhua, Khurram Schehzad, chief executive officer of Alpha Beta Core, a Pakistani financial advisory and investment strategy firm, said that the core reason for this dramatic fall is the lack of confidence in the market.

Uncertainty arose as Pakistan's International Monetary Fund program is still pending, he said, adding that the country's foreign exchange reserves are also shrinking due to the near future debt repayments.