The US dollar broke all previous records in the country and reached an all-time high.
The rupee continued to depreciate in both the interbank and open market on Tuesday.
In the interbank market, the dollar rose by 90 paise to Rs 168.99. This is the highest level in history. The last time the dollar was traded was at Rs 168.42 in August 2020.
The rupee continues to be volatile despite remittances from overseas Pakistanis reaching a 10-year high. External payments, rising imports have kept the rupee weak, while uncertainty about the economic future has also boosted demand for the dollar. The country’s record imports and the historic current account deficit are also affecting the value of the rupee.
It may be recalled that in the interbank market yesterday, the dollar rose by 7 paise to Rs 168.09 while in the open currency market, the dollar rose by 30 paise to close at Rs 169.
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