According to media reports, the downward trend in the local currency continued on Thursday, with the rupee falling to a new all-time low of Rs180.07 against the US dollar in the inter-bank market as a result of forecasts of an unsustainable current account deficit.
As reported by the State Bank of Pakistan (SBP), the local currency lost Rs0.63 or 0.35 percent versus the US dollar, settling at Rs180.07 per dollar.
Interbank trading in the local unit took place throughout the day in a range between 179.8 and 181.2 during the day.
In spite of the fact that oil prices have been decreasing on the international market, currency traders reported that demand for the dollar was robust.
For the past ten months, the rupee has been on a downward trajectory. When compared to the all-time high of Rs152.27 reached in May 2021, the stock has lost 18.25 percent (or Rs27.8) so far this year.
Data issued by the central bank showed that the Pakistani rupee has lost 14.3 percent (or Rs22.53) since the beginning of the current fiscal year on July 1, 2021, following a new fall of 0.35 percent on Monday.