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Saturday, June 15, 2024

Pakistan rupee plunges to record low against US dollar amid economic woes

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The Caspian Times is a platform that showcases stories and perspectives from across Eurasia. We aim to inform, inspire and empower our readers with high-quality journalism that covers the diverse and dynamic region.

The Pakistani rupee has hit a new record low against the US dollar, as the country faces a severe economic crisis exacerbated, by rising inflation, and a widening current account deficit. The local currency was trading at around 299 PKR per USD on Wednesday.

The sharp depreciation of the rupee reflects the growing pressure on Pakistan’s foreign exchange reserves.

The rising cost of living has eroded the purchasing power of millions of Pakistanis, who are already struggling with poverty and unemployment.

The rupee’s depreciation has also raised concerns about Pakistan’s ability to repay its external debt.

The outlook for the Pakistani rupee remains bleak, as analysts expect further depreciation in the coming months due to persistent supply and demand imbalances in the foreign exchange market.

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