The Pakistani rupee hit a new low against the US dollar on Monday, settling at 302 in the interbank market.
According to the State Bank of Pakistan (SBP), the rupee was down Re1 or 0.33% at the close.
The Pakistani rupee continued to fall against the US dollar, down 0.25% during interbank trading on Monday.
At 11 a.m., the rupee was trading at 301.76, down Re0.76 in the interbank market.
The rupee closed negative in all five sessions the previous week, reaching a historic low of 301 against the US dollar.
The currency plummeted 1.7% against the US dollar, although the spread between open market prices remained beyond the International Monetary Fund’s (IMF) mandated level, prompting fears about future declines in the interbank market.
The Pakistani rupee continued to fall against the US dollar, down 0.25% during interbank trading on Monday.
At 11 a.m., the rupee was trading at 301.76, down Re0.76 in the interbank market.
The rupee closed negative in all five sessions the previous week, reaching a historic low of 301 versus the US dollar.
The currency plummeted 1.7% against the US dollar, although the spread between open market prices remained beyond the International Monetary Fund’s (IMF) mandated level, prompting fears about future declines in the interbank market.
In a much-anticipated speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell committed to proceed with caution at upcoming meetings, citing both progress on lowering price pressures and concerns from the US economy’s surprise resilience.
Oil prices, a major measure of currency parity, fell slightly on Monday as investors remained concerned about the pace of China’s economic growth and the potential of future US interest rate hikes, which might depress fuel demand.
