Islamabad (HRNW) The Pakistani rupee continued it fall on Friday hitting another record low against the US dollar in the interbank market, despite policymakers taking fresh measures to try to put a floor under the sliding currency and stave off a full-blown financial crisis.
The news about a widening trade deficit did not sit well with the market and led to a setback for the local currency as the US dollar rate appreciated by Rs1.29 in two days in the interbank market.
According to the data shared by the State Bank of Pakistan, the value of the Pakistani rupee depreciated by 0.20% on Friday. It recorded a fresh decrease of 35 paisas in the interbank market, pushing the dollar to an all-time high of Rs.176.77.
Meanwhile, in the open market the dollar rose by 90 paisas and traded between Rs178.20 and Rs178.70. It recorded a total increase of Rs2.2 over two days.
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