Pakistan’s economy is struggling with extreme pressure for the last few months.
Rupee Plunges to All Time Low of 202.83 Against US Dollar. Rupee on Tuesday weakened further in the inter-bank market, closing at 202.83 against the US dollar with lowest closing level in history. It is the first time in history that rupee has gone so low. During the session, the rupee remained under pressure and even hit the 204 level before making a recovery. Interestingly, the government claims that country is out of the financial crisis. However, the increasing strength of US dollar depicts a different picture.
As per the State Bank of Pakistan (SBP), the currency closed at 202.83 after a day-on-day depreciation of Rs2.77, or 1.37%.
On Monday, the currency had ended at 200.06 against the US dollar in the inter-bank market.
