Despite the government’s claim of having launched a crackdown on foreign currency smugglers, Pakistani currency hit a new historic low at Rs303.05 compared to the US dollar on Tuesday, maintaining its record-breaking downward spree for the sixth consecutive working day.
The State Bank of Pakistan narrates that the domestic currency dropped 0.35%, or Rs1.05, to a new all-time low at Rs303.05 against the greenback.
With the fresh fall, the cumulative loss in the currency’s value reached 4.80%, or Rs14.56, in the first 15 days of the current caretaker government, continuing the fresh round of depreciation.
In the open market, the currency decreased almost 1%, or Rs3, to a new record low at Rs318/$, according to the Exchange Companies Association of Pakistan.