On Wednesday, the Pakistani rupee decreased to an all-time low against the US dollar. The dollar traded at Rs240 against the local currency in the interbank market. The under-pressure US federal reserves and surging oil prices are the top reasons for the fall in value of rupee. The continuous decline in value made rupee the worst performing currency on Tuesday in the emerging markets.
Analysts added that the delay of funds from Gulf states has also played important role in rupee’s decline. In the last 14 days, the dollar has gained 12 per cent against the rupee. The last time the rupee fell to an all-time low was on July 28 when it traded at Rs239.94. Meanwhile, the Asian Development Bank has said that the economic growth of Pakistan would slow down to 3.5 per cent because of high inflation, climate turmoil and political crisis in the country.