Pak Rupee has weakened further as it has dropped to Rs.152 against the US dollar. It has reached new-all time high in the interbank market.
The Pak Rupee has weakened and gone down by Rs0.54 to the US dollar. It is being traded at Rs152.10 in the interbank market.
Pak Rupee has also dropped down in the open market by Rs0.40 and reached Rs152.40 against the US dollar.
For the past three weeks, the rupee did recover slightly especially in the last ten days of Ramadan. Due to increased inflows of dollars, the rupee strengthened earlier.
As remittances were sent back home by the overseas Pakistanis, the inflows increased and foreign direct reserves improved. Expats who celebrated Eid in Pakistan also brought home foreign currency.
But now again the US dollar has strengthened against Pak Rupee. It is anticipated by the currency dealers that the end of the financial year and the dollar situation is responsible for the deteriorating economic situation of Pakistan.