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Pakistan rupee crashes to all-time low against USD

BY ANI, May 19, 2022 4:27 PM - REPORT AN ERROR

Pakistan rupee crashes - ANI

Pakistan's currency plunged to the lowest ever level on Wednesday, as the US dollar for the first time in Islamabad's history went beyond PKR200 benchmark in open market.

In the open market, the US currency was being traded at PKR200.50. Meanwhile, dollar value reached PKR198.39 in interbank yesterday as against PKR195.74 on Tuesday.

In the wake of the dwindling foreign reserves and the inflows taking more than expected time to support the exchange rate, Pakistan's Prime Minister Shehbaz Sharif chaired a meeting with the Exchange Companies Association of Pakistan (ECAP) on Monday to halt the rupee's free fall.

A Dawn report said on Monday that when the PML-N-led coalition government took over on April 11, the dollar was valued at Rs182.3, and since then, the rupee had lost Rs11.4 or 6.2 per cent of its value.

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