ISLAMABAD: The Pakistani rupee plunged to a record low on Tuesday, selling at Rs168.38 against the dollar in the interbank market.

The sliding rupee has caused alarm in Pakistan, which is already facing inflation and surging costs for fuel and power, which are both heavily influenced by the dollar exchange rate.

According to data from the State Bank of Pakistan, foreign exchange reserves stood at $18,952.6 billion on July 10. 

“Foreign reserves held by the State Bank of Pakistan: $ 12,054.9 million and net foreign reserves held by commercial banks : $ 6,897.7 million,” SBP data shows.

The novel coronavirus has disrupted the global economy to an extent never seen before. The shutdowns imposed to slow its spread have sent economic output crashing, caused financial market panic and curtailed travel, leisure and social life more severely than many wars have.

The World Bank has said the coronavirus will cause global economic output to contract by 5.2% in 2020.