Daily Times

As the political crisis in the country worsens, the Pakistani rupee hit an all-time low against the US dollar on Monday during intraday trade in the interbank market. Data from the State Bank of Pakistan (SBP) show that during intraday trade, the rupee fell to Rs230 from a rate of Rs228.37. According to forex dealers, the US dollar saw an increase in value by Rs1.87 and traded at Rs230.24. They claimed that the commercial banks are selling dollars at Rs232 while in open market, the greenback traded between Rs231 and Rs232. Fears about Pakistan’s faltering economy have increased as the country’s currency dropped by almost 8pc against the US dollar in the most recent trading week, its foreign exchange reserves are below $10 billion, and inflation is at its highest level in more than a decade.