The Pakistani Rupee plunged to a record low against the USD.
Reported by: Ch. Muhammad Natiq Ubaid
The Pakistani rupee plunged to a record low of around 178 per USD, tracking the emerging market currencies as traders rush to safety assets amid escalated tensions between Russia and Ukraine.
At the same time, the State Bank of Pakistan kept the key interest rate unchanged at 9.75% in March for the second consecutive session as the domestic inflation stabilized under 13%, in line with the central bank’s expectation.
Although the inflation outlook is threatened by Russia’s invasion of Ukraine, the central bank said the current rates are appropriate given the uncertainty brought on by the conflict.