PKR fall to all time low against UAE dirham

Pakistani rupee fall to all time low against UAE Dirham on Wednesday, reaching 33.11 against the Emirati currency, while losing over three percent - or one rupee in ten days.

The Pakistani rupee fell to the lowest level in its 70-year history reported Khaleej Times. The analysts had predicted further weakness in the rupee due to the balance of payment crisis, shortage of dollar, political instability ahead of elections and falling forex reserves.

On Tuesday, the dollar rose by 46 paisas against the rupee in the interbank market, touching an intraday high of Rs 122.75 before closing at Rs121.85.

Karachi Chamber of Commerce and Industry (KCCI) president Muffasar Atta Malik has urged the federal government to take measures to stop further devaluation of rupee against dollar before it’s too late and a situation emerges when we have no other option but to seek support from the IMF.

“Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis,” he said, expressing deep concerns over continuous devaluation of rupee against dollar.