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March 27, 2020

Coronavirus pummels rupee to all-time low at 166.13 a dollar

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March 27, 2020

KARACHI: Rupee plummeted to an all-time low at 166.13 against the US dollar in the interbank trade on Thursday as coronavirus shocks kept the foreign currency supply tight amid drying up inflows.

The rupee slid 2.8 percent or Rs5.08 from the Wednesday’s close of 161.60 due to interest rate cuts and repatriation of hot money amid increasing uncertainty in global markets fuelled by coronavirus outbreaks. The rupee hit a record low of 167.50 in the intraday trade, surpassing its earlier record low of 164.05 recorded in June last year.

Meanwhile, due to further depreciation of rupee Pakistan external debt surged by Rs700 billion. On March 26 per tola gold rate in Pakistan was Rs96,600, while the rate of 10 grams of the precious metal was Rs82,900. Rates are provided by local gold market and Sarafa markets of Pakistan.