The Pakistani rupee’s pathetic run against the US dollar seemed not ending as the greenback soared to another historic high in interbank trading on Monday. According to the information received from currency dealers, the Pakistani rupee depreciated by 20 more paisas against the US dollar and was currently being traded at Rs301.20, a historic high. On Friday last also, the Pakistani rupee had hit a new record low against the US dollar, as it settled at RS301 in the interbank market. At close, the rupee had settled at Rs301 after a decrease of 78 paisas or 0.26%.

In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz had stressed the need for early operationalization of the EXIM Bank for enhancing Pakistan’s exports. The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves. The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday last showed.

Credit: Independent News Pakistan (INP)