Pakistani rupee reaches new low against US dollar

The Pakistani rupee continued to lose ground against the US dollar on Tuesday, hitting a new low in the interbank market as the financial markets remained jittery amid an ongoing political crisis.

The local unit closed at Rs232.93 in the interbank market, up from Rs229.88 a day earlier, as it shed Rs3.05 or 1.31% against the dollar, data from the State Bank of Pakistan (SBP) showed.

The rupee has been one of the world’s worst-performing currencies, slumping more than 30% since the start of the year (2022)