KARACHI: The Pakistani rupee continued its 14th straight loss on Wednesday and closed at a record low of 239.65 rupees against the US dollar on the interbank intraday trade. Amid floods and dollar shortages in the country
The local unit hit a record low of Rs 239.94 on 28 July 2022.
in the interbank market The local unit lost Re0.74 or 0.31% and dropped to Rs 239.65 per dollar. Its value was lower from the previous close of 238.91 rupees against the dollar.
The dollar now stands at just Rs 0.29 short from an all-time high of Rs239.94.
The rupee is one of the worst currencies in emerging markets and is down nearly 9% so far this month due to a variety of factors.
Worst performing rupee
Pakistan’s currency became the worst performing currency in emerging markets in September. Due to the great floods, economic activities were halted. and caused a cumulative loss of over $30 in the country.
The local unit depreciated about 27%, or more than 30 rupees against the US dollar. Since the start of the current fiscal year 2022-23
There are fears that it may continue to lose value. However, Pakistan is not the only country facing the depreciation of its currency. There are other countries Many other countries are facing similar currency weakness. This makes the economies of these countries unstable and investors slump.
Dr Khakan Najib, a former adviser to Geo.tv’s finance ministry, told Geo.tv that the dollar is still at its highest level in two decades compared to other countries. As investors are looking for the Federal Reserve to proactively raise interest rates
“The US dollar is in strong momentum right now,” he continued.
The long-standing growth and low inflation of the US economy before COVID-19 were replaced by analysts. “Higher Inflation Worldwide”