Pakistani rupee continues speedy crash against USD, suffers another big fall

ISLAMABAD, Feb. 3 (Xinhua) -- Pakistani rupee continues a speedy crash against the U.S. dollar with another big fall as the greenback was traded at a record high price of 276.58 rupees in the interbank market on Friday, according to the State Bank of Pakistan (SBP).

The U.S. dollar closed at 271.36 rupees on Thursday. On the last working day of the week, the local currency depreciated by 5.22 rupees, or about 1.89 percent, against the U.S. dollar, official figures showed.

Talking to Xinhua, Reza Baqir, former governor of the SBP, said that depleting foreign exchange reserves of the country, along with the fall in exports and decline in remittances from overseas Pakistanis, is directly influencing the foreign reserves and eventually the value of the rupee.

Baqir said that all these factors as well as the global recession is contributing to negative sentiments and uncertainty in the market, which resulted in the free fall of the local currency.

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