UPDATE: Google has fixed the issue and all currency exchange charts, including USD to PKR, are now showing correct figures of comparison.
A Google glitch has started showing the Pakistani Rupee rate against the US Dollar (USD to PKR) as Rs. 207.10 on July 28, 2022, leaving internet users perplexed. However, the local currency has not recovered, and the incorrect exchange rate is simply a Google glitch.
It is worth noting that the Pakistan Rupee (PKR) closed at a record low of Rs. 239.94 against the US Dollar (USD) in the interbank market on 28 July 2022 (Thursday) after reaching a high of Rs. 240 during intraday trading. Meanwhile, the open market rate of the US dollar has surpassed Rs. 245.
According to Bloomberg, the scarcity of dollars in Pakistan is causing a schism in the foreign-exchange market, with banks offering rates that differ from the interbank market.
The Pakistani Rupee has been one of the world’s worst performing currencies, falling nearly 8% against the US Dollar in the last trading week as concerns about Pakistan’s economy grow amid the country’s ongoing political crisis. Meanwhile, foreign reserves have fallen below $10 billion, and inflation has reached its highest level in over a decade.
However, due to a Google glitch that showed the current rate at Rs. 207.10, people were left wondering about the real exchange rate of Pakistani Rupee against US Dollar (USD to PKR).