Just Earth News | @justearthnews | 04 Apr 2023, 07:23 am Print
Wikipedia Commons
Islamabad: Pakistani rupee continues to decline against the U.S. dollar as the greenback was traded at a historic low of 287.29 rupees in the interbank market on Tuesday, according to the State Bank of Pakistan.
The U.S. dollar closed at 285.04 rupees on Monday. On the second working day, the local currency depreciated by 2.25 rupee, or about 0.78 percent, official figures showed.
The rupee has been under pressure at the beginning of the week as on Monday it declined 0.44 percent.
According to market analysts, the instability in the market is a result of the uncertainty looming around the International Monetary Fund (IMF) bailout program which has remained stalled since last year.
Additionally, the central bank announced on Tuesday to increase the policy rate by 100 basis points to 21 percent which the analysts believe has put pressure on the local currency.
(With UNI inputs)
- Mass layoffs hit US workers: 153,000 jobs disappear in October
- AWS, OpenAI announce $38 billion multi-year strategic partnership to accelerate innovation
- Tech shock in 2025: 218 companies slash 1,00,000 jobs
- Amazon notifies some staff about layoffs before they arrive at office
- Amazon plans massive layoffs: Biggest job cuts since 2022
