The PKR remained under pressure on Monday, depreciating by Rs1.26 against the dollar in the interbank market. Data shared by the State Bank of Pakistan showed the local currency closed at Rs221.92 per dollar, down 0.57 per cent. The United States dollar surged to a 20-year high against a basket of currencies today after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. After reaching a record low of Rs239.94 against the dollar on July 28, the local currency had recovered to Rs213.90 in the interbank by August 16. However, it has since continued to fall, losing Rs8.1 till Aug 26.
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