Pakistani rupee plummets to new record low against US dollar in interbank trade
By News Desk
August 31, 2023 10:45 AM
The US dollar made another record against Pakistani rupee in the interbank market on Thursday with the local currency continuously sinking with no help in sight to arrest its slide, reported, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency plunged by Rs1.09 against the greenback, taking the dollar to a historic high of Rs305.54 at the end of the day.
On Wednesday, the Pakistani rupee had closed at a record low of Rs304.45 against the US dollar in the interbank market.
Caretaker Finance Minister Dr Shamshad Akhtar had told the Senate Standing Committee on Finance meeting presided over by Senator Saleem Mandviwalla that the caretaker government does not have the fiscal space for subsidies but added that the proposal was under consideration to withdraw electricity to privileged ones.
The Senate committee expressed concerns over the growing exchange rate fluctuations, unprecedented electricity cost, and 22 percent interest rate that are making it challenging for current businesses to survive and thrive.
Reporter Ashraf Khan