The US dollar continues to trend from the historical high to the dollar as the rupee depreciates

The US dollar continues to trend from the historical high to the dollar as the rupee depreciates

KARACHI - On Thursday, the US dollar strengthened against the Pakistan rupee as it traded at Rs 40.40 in the interbank market and traded at Rs 166.

After the State Bank of Pakistan lowered its interest rate by 11%, the dollar reached its historic high in the last three days. Increased rupees, which could lead to foreign capital flight from the local market.

On Wednesday, it closed at Rs 161.60 against the dollar, 1.63% or rupees 2,60.

The central bank had cut interest rates due to the spread of the Corona virus in the country, which had hurt the business community. The reduction in interest rates will help businessmen to get loans at a lower interest rate.

The number of Corona virus cases in Pakistan has dropped to 1,143 while eight people have died due to the infection so far.