US Dollar continues to humble Rupee

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Sits @ Rs. 192

ISLAMABAD: The rupee continued to lose ground against the US dollar on Thursday, as the greenback reached an all-time high of Rs192 in the interbank market.
According to the Forex Association of Pakistan, the dollar breached the 191-mark at the day’s start and soared to Rs192.20 around 11:45am, appreciating by Rs2 from the previous day’s close of 190.20 — the record high value for the dollar before Thursday’s session.
Asad Rizvi, the treasury head at Chase Manhattan Bank, told Mettis Global — a web-based financial data and analytics portal — that the Pakistani rupee had depreciated by nearly nine per cent against the dollar since the time of the Russian invasion of Ukraine to “hit all-time new lows”. He further pointed out that the economic slowdown and higher oil prices as a result of the Russian offensive had also dented other currencies, including the Indian rupee, and accelerated inflation. And there was “no respite in sight”, he said.
This freefall of the rupee against the dollar has also been attributed to the country’s high import bill as well as delay in the release of a $1 billion tranche by the International Monetary Fund. –Agencies