KARACHI: The rupee crashed to an all-time low against the dollar on Thursday, crossing the 180 threshold in the interbank market.
The local currency fell 0.35pc (or 63 paise) against the US currency to close at Rs180.07, according to the State Bank of Pakistan (SBP) data.
With the fresh slide, the rupee has now lost around 2pc since the beginning of this year. It started the year at 176.51 before recovering to its strongest point of around 174.5 sometime early in February.
Last year, the local currency lost around 11 per cent in the interbank market, starting 2021 at 159.2 and then hitting 176.51 by the close.
The rupee has touched a record low at a time when the country is facing a political interest amid the opposition parties’ plan to oust Prime Minister Imran Khan through a vote of no-confidence.
In the open market on Thursday, the rupee’s buying and closing rates stood at 179.80 and 180.80 against the dollar.
Currency dealers earlier said the demand for greenbacks was high despite falling oil prices on the international market. The dollar gained up to 25 paise against the rupee on Tuesday. Market experts said the dollar would maintain a bullish trend due to high oil prices and a subsequent increase in the import bill.
Published in Dawn, March 18th, 2022