Pak rupee lost 47 paisa or 0.27 percent against the US dollar on Monday and closed at 178.9849 – all-time low – against Friday’s closing at 178.5102.
The Pak rupee weakened against the US dollar due to multiple factors, including rising pressure on account of imports and political uncertainty in the country.
Economist forecast the current account deficit is expected to rise to $18 billion which is around five percent of the Gross Domestic Product (GDP) of the country. In the past, Pakistan recorded highest ever current account deficit of $19,195 million during Fiscal year 2018 as a result of which Pak rupee depreciated 13.7 percent.
During the current fiscal year, the Pak currency has depreciated 6.24 percent against the US dollar.