Pakistan currency plumbs new low against Omani riyal

Pakistan currency plumbs new low against Omani riyal

The Pakistani Rupee dropped to over 560 against a riyal on Monday. It fell to a record low against the US dollar with the exchange rate sliding to PKR 212.

The weakening of Pakistan and Indian national currencies against dollar is benefiting the expatriates as they are getting a higher value in exchange for Omani riyal.

According to estimates, the Pakistani Rupee dropped to over 560 against a riyal on Monday.

The Pakistani rupee dropped to a record low against the US dollar with the exchange rate sliding to PKR 212, local media said on Monday.

The Pakistani rupee witnessed a 1.05 decline at the opening of the interbank market.

The political uncertainty in the country and the import payment pressure took the currency to its new low, Pakistan-Kuwait Investment Company said.

Owing to quarter-end payments and delay in the revival of the International Monetary Fund (IMF) programme, the Pakistani rupee on June 21 breached 211-a-US dollar, losing PKR 2 during intra-day trading.

Meanwhile, the Indian expatriates are also taking advantage of the weakening national currency both against the dollar and the riyal.

On Monday, One Omani riyal fetched over Rs 207, according to the local money exchanges and banks.

Indian Finance Minister Nirmala Sitharaman in Parliament on Monday