According to the report, the Pakistani rupee depreciated by 72 paise on Tuesday (May 10). In the interbank market, the rupee is trading at 16.8 against the dollar. Pakistan’s currency has never depreciated so much before.
Forex dealers claim that one dollar is being sold at more than 189 Pakistani rupees in the open market in Lahore. According to the State Bank of Pakistan (SBP), on a daily basis, the Pakistani rupee has lost 0.6 percent or 1.13 rupees.
On the other hand, the US dollar has risen by 1.84 rupees in the previous two sessions. Dealers in Pakistan’s currency market say the rise in the US dollar is mainly due to high demand for the dollar. Economists claim that the rising value of the dollar could put a huge strain on Pakistan’s economy.