KARACHI: The Pakistani currency depreciated a fresh Rs4.40 to Rs166 against the US dollar in intraday trade in the interbank market on Thursday.
The rupee is trading beyond its all-time low closing at Rs164.05 on June 27, 2019; some nine months ago.
“The gap between significantly high imports and sluggish exports has apparently made the rupee-dollar exchange rate volatile,” head of treasury at a top bank said while talking to The Express Tribune.
Even though, the coronavirus pandemic has temporarily halted imports and exports activities.
However, the trade deficit may keep demand for dollars from importers on higher side.
Besides, acceleration in foreigners’ exit from the domestic debt and stock markets kept rupee losing in the past three weeks.
Foreigners have sold rupee-based T-bills and Pakistan Investment Binds (PIBs) worth $1.5 billion in the past three weeks.
This is all happening in the backdrop of the coronavirus pandemic which kept taking toll on people and global economy, including Pakistan.