ISLAMABAD: The Pakistani rupee plunged to another all-time low of Rs 170.48 against the United States dollar on Wednesday, mainly due to concerns that a US Senate bill seeking sanctions on the Afghan Taliban could be extended to Pakistan, dealers and analysts said.
The rupee lost 51 paisas, or 30 percent percent of its value, against the greenback as the demand for the dollar continued to build pressure, according to the central bank.
The rupee was trading at Rs 172.50 for selling and Rs 171.50 for buying in the open market on Wednesday, according to the Exchange Companies Association of Pakistan.
“The plunge appeared to be related to the US Senate bill seeking to impose sanctions on the Afghan Taliban and which could extend to Pakistan,” Dawn newspaper reported.
The bill, backed by 22 senators, also seeks to investigate Pakistan’s support for the Taliban over the past 20 years.
It is not clear what likelihood the US bill has of becoming law.
The dollar hit a high of Rs168.43 in August last year. Then it started declining and reached Rs151.83 on May 14, 2021. However, the greenback started rising once again and has appreciated by 6.6 percent and 9.9 percent since June and May 14, 2021, respectively.
The State Bank of Pakistan had indicated earlier that the dollar could appreciate during the current financial year due to an expected higher current account deficit.
Pakistani rupee hits record low on concern about US sanctions
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Pakistani rupee hits record low on concern about US sanctions
- Pakistani currency plunges to another all-time low at Rs 170.48 against the US dollar
- Dip due to concerns US sanctions on the Afghan Taliban could be extended to Pakistan
Pakistan’s deputy PM visits Saudi Arabia for OIC meeting on West Bank
- The session will review Israel’s land registration move in occupied territory
- Dar will present Pakistan’s stance on Israel’s settlements, annexation plan
ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar embarked on a three-day visit to Saudi Arabia on Thursday, where he is scheduled to attend an emergency meeting of the Organization of Islamic Cooperation (OIC) in Jeddah to discuss Israel’s recent measures in the occupied West Bank.
Israel decided this month to approve land registration procedures in parts of the West Bank for the first time since 1967, drawing sharp criticism from Muslim nations along with several European countries, which described it as a move to ease the path for settlement expansion and annexation.
These countries urged Israel in a joint statement to reverse its decision and end settler violence against Palestinian residents in the West Bank.
“Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar @MIshaqDar60 has departed Islamabad for Saudi Arabia to attend the Open-Ended Extraordinary Ministerial Session of the Organization of Islamic Cooperation (#OIC) Executive Committee in Jeddah (26–28 February 2026),” the foreign office said in a social media post on X.
“He will hold sideline meetings with counterparts from OIC Member States,” it continued. “During the visit, he will also undertake brief visits to the Holy Cities.”
More than 500,000 Israelis live in settlements and outposts in the West Bank, excluding Israeli-annexed East Jerusalem, alongside nearly three million Palestinians.
Settlements are considered illegal under international law, a position Israel disputes.
Addressing a weekly media briefing during the day, Foreign Office Spokesperson Tahir Andrabi said the OIC conference would review Israel’s attempt to impose its sovereignty over the occupied West Bank.
“In the ministerial session of this OIC event, the Deputy Prime Minister and Foreign Minister will share Pakistan’s perspective on this latest illegal measure by Israel to convert areas of the occupied West Bank into the so-called state land,” he added.
