Rupee Touches Historic Low Of Rs206.46 Against US Dollar

The State Bank of Pakistan (SBP) says the local currency shed Rs1.3 (or 0.63%) against the greenback to close at Rs206.46

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-June 15^th, 2022) The local Currency continued to lose its value against the US Dollar as it touched historic low of 206.46 on Wednesday.

The rupee depreciated over Re1 in the interbank market during early morning trading.

The State Bank of Pakistan (SBP) said that the local currency shed Rs1.3 (or 0.63%) against the greenback to close at Rs206.46.

A day before, the rupee closed at Rs205.16 after it touched historic low because of the doubts about revival of much-awaited $6 billion International Monetary Fund (IMF) bailout package after the international lender expressed dissatisfaction over the unveiled Federal budget.

According to the traders, rupee is losing its value owing to the balance of payment crisis and falling foreign exchange reserves. The IMF reacted to the measures announced in the budget added new pressure on the domestic currency.

The IMF asked Pakistan to take “additional measures” to strengthen the budget and bring it in line with the key objectives of the fund programme.