Pakistani Rupee Hit a New All-Time Low of Rs190 against the USD in Intra-Day Trade

According to the State Bank of Pakistan said that Pakistani rupee hit a new all-time low of Rs190 against the US dollar in intra-day trade in the interbank market.

As per details, The forex dealers said that the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency for 5th consecutive day.

The value of the US Dollar hiked by 87 paisa in early trade and currently trading at Rs190.89 in the interbank market, hitting an all-time high.

The Pak Rupee also lost ground in the open market and trading above Rs192, The USD has appreciated by Rs3.48 in the interbank market since May 1.

The US dollar on the other day closed at Rs190.02 in the interbank market.

The forex experts said that the increasing dollar has shattered the confidence of rupee-based economy and its stakeholders, added that the gloomy macros will continue to put pressure on the local unit.

On the other hand Pakistan Stock Exchange (PSX) last day continued its declining trend after the KSE-100 index shed 343 points, a continuous decline in the market for the third day owing to indecision over a deal with International Monetary Fund (IMF).

The KSE-100 index traded at 42, 520 after the decline.