Pakistani rupee continues speedy crash against USD, suffers another big fall - Islamabad News
by IANS | Updated Feb 04, 2023
According to the State Bank of Pakistan (SBP), the latest fall came during trading on Friday, reports Xinhua news agency.
The US dollar closed at 271.36 PKR on Thursday.
On the last working day of the week, the local currency depreciated by 5.22 PKR, or about 1.89 per cent, against the US dollar, official figures showed.
Talking to Xinhua, Reza Baqir, former governor of the SBP, said that depleting foreign exchange reserves of the country, along with the fall in exports and decline in remittances from overseas Pakistanis, is directly influencing the foreign reserves and eventually the value of the rupee.
Baqir said that all these factors as well as the global recession is contributing to negative sentiments and uncertainty in the market, which resulted in the free fall of the local currency.
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