Pak Rupee hits all-time low despite SBP measures

Pak Rupee hits all-time low despite SBP measures

KARACHI: The Pak Rupee (PKR) fell to a historic low at Rs169.60 to the dollar on Monday despite measures of State Bank of Pakistan (SBP) to support the balance of payment.

The rupee ended Rs169.60 to the dollar from last Friday’s closing of Rs169.08 in the interbank foreign exchange market.

Currency experts said that the rupee was under pressure from the start of the trading as the market was opened after two weekly holidays.

They said that rising international oil prices also putting pressure on demand for foreign currency.

Previously, the local currency recorded an all-time low of Rs169.12 on September 15, 2021.

Last week the State Bank of Pakistan (SBP took measures to discourage import payments for imported vehicles. The central bank put restrictions on bank financing for imported cars.

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