Pakistani rupee
Pakistani rupee has plunged against the US dollar, UAE dirham. Here's why. Image Credit: Archives

The Pakistani rupee slumped to an all-time low against the US dollar and the UAE dirham on Wednesday, plunging for a second day in the interbank market.

Against the US dollar, the Pakistan rupee was currently at Rs189.28, while the currency fell to Rs51.53 versus the UAE dirham on Wednesday. Check the latest forex rates here.

On Tuesday, the value of the greenback surged by 82 paisa in early trade and later traded at Rs188.35 in the interbank market, hitting an all-time record level, reported ARY News.

According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the Pakistani currency. The forex dealers have further shared that the greenback is being sold above Rs189 in the open market.

The US dollar on the other day closed at Rs 187.53 in the interbank market, reported ARY News. According to experts, the surging dollar and gloomy macros will continue to put pressure on the local unit.

Meanwhile, the State Bank of Pakistan's (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week that ended on April 23, data released by the central bank showed, reported ARY News.