Pakistani Rupee
Pakistani Rupee stumbles to 230 against USD
Islamabad: The Pakistani Rupee stumbled further to touch 230 during intraday trade against US Dollar on Monday.
The Pakistani rupee hit an all-time low against the US dollar Monday during intraday trade in the interbank market, Geo News reported, as the political crisis in the country deepens.
The rupee slumped to 230 during intraday trade, as compared to its rate of 228.37, according to the data from the State Bank of Pakistan (SBP), reports Geo News.
In a statement to Geo.tv, Muhammad Saad Ali, a capital market expert, said that the rise in political uncertainty — of whether the present government will remain in office long enough to stabilise the economy and the continued confusion around who governs the Punjab province — is causing the rupee to slip.
"Note that BoP (balance of payments) pressures on the currency have eased, as per the SBP, which asserts that Pakistan has enough capital commitments for the next 12 mths to take care of its dollar outflows," he said.
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