Pakistani Rupee Dips to Fresh Low To Rs 225 Against Us Dollar

KARACHI:  The rupee has touched a new low of Rs 225 against the US Dollar in the internbank.The latest reports say that the greenback spiked sharply by Rs3.01 in the interbank market to settle at Rs 225. The USD is trading at Rs226-227 in the open bank market.

The State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system”.

The political uncertainity is the major reason behind the sharp downfall of rupee.

According to SBP, a “better measure” of the rupee’s strength is the real effective exchange rate, which took into account the currencies in which Pakistan trades in inflation-adjusted terms.

The SBP also said that the upward trajectory of the US is a global phenomenon and it is not just about the rupee.