Pakistani rupee storms past 200-mark against US dollar in interbank
With a fresh decline of Rs1.61, or 0.81%, the local currency was closed at Rs200 against the greenback on Thursday
Pakistani rupee continued its free fall against the US dollar as it surpassed a major psychological barrier on Thursday by crossing 200-mark in the interbank market for the first time in the country's history.
With a fresh decline of Rs1.61, or 0.81%, the local currency was closed at Rs200 against the greenback on Thursday, State Bank of Pakistan (SBP) reported.
The domestic currency has maintained the downturn on the 10th consecutive working day as it cumulatively lost 7.7% or Rs14.31 in the last ten sessions, Pakistani news outlet The News reported.
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The local unit hit a record low of Rs188.66 on 10 May. It then plunged to Rs190.02 on 11 May, fell over Rs191 on 12 May , reached Rs192.52 on 13 May , sank below Rs194 on 16 May , down to Rs195.74 on 17 May and closed at Rs198.39 yesterday (18 May).
It is worth mentioning that the country follows a market-based exchange rate where the currency moves are determined by the market forces of demand and supply.
Since the beginning of this fiscal year (1 July, 2021) to date, the rupee has collectively dropped by a massive 26.95% (or Rs42.46) compared to the previous fiscal year's close at Rs157.54.
The rupee has maintained a downward trend for the last 13 months. It has lost 31.34% (or Rs47.73) to date, compared to the record high of Rs152.27 recorded in May 2021.
The US currency stayed above the important milestone surpassed a day earlier and closed at Rs201.5 in the open market today.
