Rupee Crashes to Lowest, Crosses 180 Mark against Dollar

The rupee dipped to an all-time low against the US dollar at Rs180.07 in the inter-bank market. As per the data by the State Bank of Pakistan, the local currency fell 0.35% or 63 paise to settle at Rs180.07. According to the currency dealers, despite the decreasing oil prices in the international market, the demand for the dollar was very high as the local unit had to trade between the range of 179.8 and 181.2 in the interbank market. The rupee continued to maintain the downward trend in the span of the past 10 months, as to date it has lost 18.25% or Rs27.8 as compared to the previous record high of Rs152.27 in May 2021.

Since the beginning of this year, the rupee has lost around 2%. It started at 176.51 before it recovered to its strongest point at 174.5. In 2021, the local currency lost around 11% in the interbank as it started the year at 159.2 and hit 176.51 by the close. In the open market, the buying and closing rates of the rupees are at 179.80 and 180.80 against the dollar.

The rupee has touched the worst low owing to the ongoing political issues amid the Opposition submitting a no-confidence motion in the National Assembly to oust Prime Minister Imran Khan.