In recent weeks, the rupee has been consistently under pressure, and financial experts attribute this surge to external payments made in July, which played a significant role in driving up the value of the US dollar.
Around noon, within the interbank market, the rupee exhibited a rise of over 50 paisas, while the US dollar surged by 2 rupees. This surge in the dollar’s value intensifies the ongoing struggles of Pakistanis who are already grappling with the highest inflation rates seen in decades.
Pakistan, with a population exceeding 240 million, has been contending with skyrocketing inflation for over a year. This economic challenge has been fueled by global increases in commodity prices, domestic economic issues, and a balance of payments crisis, all of which have taken a severe toll on the country’s currency.
The Pakistani rupee experienced a notable depreciation as the US dollar continued its upward trajectory, reaching an unprecedented high of Rs. 330 in the open market.
The record-high value of the US dollar against the Pakistani rupee reflects the country’s ongoing economic challenges, leaving its citizens facing substantial financial difficulties.
