Rupee hits all-time low of Rs232.93 against US dollar

KARACHI: The US dollar on Tuesday reached all-time high against rupee in interbank as Pakistan continues to witness political instability, ARY News reported.

According to the State Bank of Pakistan (SBP), the US dollar saw an increase in value by Rs3.05 and closed at Rs232.93.

The greenback closed at Rs229.88 in Monday’s trading.

Read more: SBP’S FOREX RESERVES DOWN $389MN TO $9.33BN

Previously, 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” under which the current account position, news stories, and domestic uncertainty contribute to the daily currency fluctuations.

In an apparent attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.