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 said that global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of the global financial conditions, were the major reasons for the weakening of the Indian rupee against the US dollar.

She added that another reason was that the foreign portfolio investors have withdrawn about $14 billion from the Indian equity.

Sitharaman said that currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the US dollar and therefore, the Indian rupee has strengthened against these currencies in 2022.

The Indian rupee has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the dollar, according to the government.

The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, the government said in a statement.

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