Rupee drops to historic low of 170 against US dollar in intra-day trading

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According to the State Bank of Pakistan, the local currency had closed at Rs169.97 against the greenback on Tuesday. Photo: AFP
  • Experts predict currency to stabilise or consolidate in October after successful review of IMF programme.
  • Rupee further loses ground to an increase in demand for dollar due to historic high trade and current account deficit.
  • With latest drop of Rs0.13, local currency has depreciated 7.89% or Rs12.43 since June, 2021.

KARACHI: Pakistani currency hit a much-anticipated level of Rs170.10 against the US dollar in the interbank market during intra-day trading on Wednesday.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs169.97 against the greenback on Tuesday.

The rupee further lost ground to an increase in demand for the dollar on the back of a historic high trade and current account deficit.

With the latest drop of Rs0.13, the local currency has depreciated 7.89% or Rs12.43 since June 2021 and…

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