ISLAMABAD, Aug 29 (NNN-APP) – The Pakistani rupee persists in a crash mode against the U.S. dollar, setting a new record low, as the greenback was traded at 302 rupees in the interbank market yesterday, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at the then-record low of 301 rupees on Friday. On the first session of the week, the local currency depreciated by one rupee against the U.S. dollar, official figures showed.
The rupee has declined, throughout last week, for five consecutive sessions.
Malik Bostan, head of the Forex Association of Pakistan, said that, rising imports are putting immense pressure on the exchange rate.
The recent ease in import restrictions has increased the demand for the greenback on the one hand, while on the other, it has created panic in the market, as people are now trying to get more U.S. dollars from the market over fears about uncertainty surrounding the value of the local currency, he said.– NNN-APP
