KARACHI: The Pakistani rupee continued to lose grounds unabated for the 14th consecutive session on Wednesday and closed at a record low of Rs239.65 against the US dollar in the interbank market during intraday trade amid floods and a shortage of greenback in the country.
The local unit last made a historic low of Rs239.94 on July 28, 2022.
In the interbank market, the local unit lost Re0.74, or 0.31%, and fell to Rs239.65 per dollar, down in value from the previous close of Rs238.91 against the dollar.
The dollar now stands only Rs0.29 short of the all-time high level of Rs239.94.
The rupee has been one of the worst performing currencies in the emerging markets and has fallen by nearly 9% so far this month owing to wide-ranging factors.
Rupee worst-performing currency
The Pakistani currency has become the worst-performing currency in emerging markets in September as the cataclysmic floods halted economic activities and caused total accumulated losses of over $30 in the country.
The local unit has weakened by approximately 27%, or over Rs30, against the US dollar since the start of the current fiscal year 2022-23.
There are fears it may further lose its value, however, Pakistan is not the only country that is facing the depreciation of its currency. There are a host of other countries that are facing a similar currency weakness, which is making their economies unstable and investors pensive.
Speaking to Geo.tv a day earlier, former advisor to Finance Ministry Dr Khaqan Najeeb said the dollar remained firm at a two-decade high versus major peers, as investors are looking to the Federal Reserve to continue its aggressive interest rate hiking.
“The US dollar is in a strong momentum for time being,” he maintained.
The analyst elaborated that the long period of steady growth and low inflation the US economy had before COVID-19 is being replaced by a “higher inflation globally”.
The Washington-based international lender to work with others in the international community to lend support
The revised prices of petroleum products are expected to be announced today
Sources say petrol stations have stopped buying petroleum products due to the delay in price announcement
SPI is computed on a weekly basis to evaluate price movements of commodities
"The finance ministry is awaiting the prime minister's directions," say sources
London's FTSE 100 index rose 0.6% to 7,322.04 points after also sliding the previous day on news of elevated UK...