Pakistan rupee continues to fall against USD

Islamabad: Pakistan rupee is continuously falling against the US dollar, with the latter surging to the Rs 175 mark in the interbank currency market on Tuesday, local media reported.

The USD closed at Rs 175.27 against the local unit, appreciating 84 paisas or 0.48 per cent over the previous close of Rs 174.43, ARY News reported citing State Bank of Pakistan (SBP). Pakistani rupee's slide against the US dollar continues despite SBP's claims of introducing measures to ease the pressure on the exchange rate.

The fall is continuing amid the rising inflation in the country. Prices of daily needs have soared to a new high in Pakistan, drawing condemnation and large-scale protests against the government by the opposition.

Reza Baqir, SBP Governor, had earlier created quite a stir on social media after he defended the rupee depreciation saying it benefited overseas Pakistanis and claimed that inflation in the country was artificial and would be controlled, according to ARY News.