Value of Pakistani Rupee touches fresh low at Rs 200 to a USD

May 19, 2022 15:30

The Pakistani rupee continued its month-long run of devaluation, with the currency trading at its all-time low of Rs 200 against the US dollar on Thursday.

The Pakistani rupee (PKR) continues to slide in line with the predictions of analysts who fear more losses ahead as the country remains mired in political and economic instability.

A business analyst said the dollar was already selling for PKR 200 on Wednesday in the open market but on Thursday it breached the PKR-200 mark in interbank trading as well.

"Until the government gives more clarity on how it intends to halt the economic slide and put us on the path to revival the market will continue to function like this and the dollar will gain by the day," said Saeed Nazam, an analyst at Topline Securities.

The Forex Association of Pakistan reacted with deep concern. "It is a black day in the history of Pakistan. I never imagined I would see this day all because of poor economic management," said Secretary General Zafar Paracha. -- PTI

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