The Pakistani rupee (PKR) continued its decline against the US dollar, reaching a new record low of 307.10 PKR in the interbank market, according to the State Bank of Pakistan. This comes after the rupee closed at 305.64 PKR against the dollar the previous day. The currency depreciated by approximately 0.48 percent on Tuesday.
Experts attribute the rupee’s decline to factors including supply issues, market manipulation, and speculation. Notably, a significant amount of US dollars is being sent to a neighboring country through unofficial channels, increasing demand for the greenback in Pakistan’s domestic market. The absence of effective monitoring from the central bank has also allowed market forces to manipulate the exchange rate.