The rupee continued to lose ground against the US dollar on Thursday, as the greenback reached an all-time high of Rs192 in the interbank market.
According to the Forex Association of Pakistan, the dollar breached the 191-mark at the day’s start and soared to Rs192.20 around 11:45am, appreciating by Rs2 from the previous day’s close of 190.20 — the record high value for the dollar before today’s session.
Asad Rizvi, the treasury head at Chase Manhattan Bank, told Mettis Global — a web-based financial data and analytics portal — that the Pakistani rupee had depreciated by nearly nine per cent against the dollar since the time of the Russian invasion of Ukraine to “hit all-time new lows”.
He further pointed out that the economic slowdown and higher oil prices as a result of the Russian offensive had also dented other currencies, including the Indian rupee, and accelerated inflation. And there was “no respite in sight”, he…
