Pakistani rupee slumps to a new record low against UAE dirham, US dollar
The currency continues downward trend, surpasses 205 threshold for first time in history
The Pakistani rupee on Tuesday surpassed all prior records against the US dollar after shedding Rs4 in the open market as it surpassed the 205 threshold for the first time in history, according to data from the Forex Association of Pakistan.
The Pakistan rupee has dropped to 54.78 against the UAE dirham, weakening further versus 53.8 a day earlier. Check the latest forex rates here. The currency had declined by over 15 per cent since March, and the pressure will likely build up further, forex analysts evaluate.
The currency continued its downward slide against the US dollar, dropping to an all time low of Rs202.75 in the interbank market during intraday trade on the rising demand for the greenback due to import payments, Geo News reported.
The rupee has declined about 7 per cent in May, the steepest drop since March 2020. Weakness in the rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar.