Pak rupee slumps to record low of 230 against dollar amid inflation fears

The Pakistani rupee has dropped to a record low against the US dollar with the exchange rate sliding to PKR 230, local media reported on Monday.The data provided by the State Bank of Pakistan (SBP) showed that the rupee slumped to 230 during intraday trade, as compared to its rate of 228.37.The Pakistani rupee has slumped nearly 8 per cent against the US dollar during the last trading week, and the forex reserves of the country are below USD 10 billion with inflation at the highest in more than a decade, Geo News reported."Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan's relative strengths," Acting governor of Pakistan's central bank Murtaza Syed said.Capital marker expert Muhammad Saad Ali said there has been a slump in the rupee due to the rise in the political uncertainty in the Punjab province, local media reported."Note that BoP (balance of payments) pressures on the currency have eased, as per the SBP, which ...