Pakistan Rupee Tumbles
Pakistani Rupee tumbles all-time low of 179 against dollar in intra-day trade
Islamabad: Pakistani Rupee on Monday tumbled and hit an all-time low of Rs179 during the intra-day trade against the US dollar in the inter-bank market on Monday.
The steep fall was attributed to the panic accumulation of dollars over fears that the supply of the greenback might reduce in the country due to the Russia-Ukraine conflict, reports Geo News.
On Mar 9, the local currency last dropped to an all-time low of Rs178.63.
Speaking to Geo.tv, Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said that the currency is under pressure due to higher demand because of the geopolitical situation which has impacted the commodity prices.
He said: “The local currency is now showing signs of the impact of the recent commodity price hike witnessed in the international market.”
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