Islamabad (LTN NEWS): Google Currency Converter had a problem on Thursday, where it showed the wrong value of the Pakistani rupee against the dollar on July 28, 2022. This could be called a technical glitch.
On Thursday, the local currency closed near 240, which was another record low on the inter-bank market. This was because worries about Pakistan’s weak economy continued.
According to the State Bank of Pakistan (SBP), the rupee ended the day at 239.94, down Rs3.92 or 1.63 percent from the day before.
But the Google Converter showed that the PKR was worth Rs207.10 per US dollar, which shocked people.
The last time the USD-PKR exchange rate was around 207, it was earlier this month. Since then, the local currency has lost almost 14% of its value.
Last week was the worst week for the rupee in terms of its value against the dollar in more than 20 years. In just five sessions, it lost 8% of its value against the dollar.
The rupee has dropped by almost 5% this week, and there is still one more session to go.
The rupee is being pushed down because the SBP’s foreign exchange reserves have dropped below $9 billion.
