ISLAMABAD (our reporter):- The Pakistani rupee continued to lose ground against the US Dollar on Tuesday and hit a new lowest level of Rs233 in the inter-bank market.

The PKR closed at Rs232.93 in the inter-bank market, up from Rs229.88 a day earlier, as it shed Rs3.05 or 1.31% against the dollar, according to the data of the State Bank of Pakistan (SBP).

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

Shortage of dollars, political and economic uncertainty tagged with ambiguity regarding commitment from friendly countries, which is needed for disbursement of IMF tranche were the reasons behind rupee’s persistent slide.

Fears have increased about Pakistan’s economy as its currency fell nearly 8 percent against the US dollar in the last trading week. The country’s forex reserves of the State Bank of Pakistan stand below to $10 billion with inflation.

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