$1=PKR 173: Pakistani rupee hit an all-time low against the US dollar

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market.

The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market.

Prime Minister Imran Khan stated last week at the opening of the Kisan Portal that the pressure on the Pakistani currency is transitory and would end shortly. 

Since May, the Pakistani rupee has been gradually falling.

According to analysts, the rupee has been harmed by persistently high demand for dollars as a result of the country's current account deficit, while the Afghan crisis is putting further strain on the currency. 

Since 1948, the Pakistani rupee has served as the country's official currency.

The central bank, the State Bank of Pakistan, issues and controls the coins and notes. 

(With inputs from agencies)