LAHORE MIRROR — The US dollar reached an all-time high against Pakistani rupee on Monday, setting a new record in the inter-bank market.
According to the reports, the Pakistani rupees plunged to an all-time low and breached the 300-rupee mark, reaching an all-time high of 302 rupees, while the open market witnessed the dollar’s value hitting 300 rupees.
This alarming spike in the dollar’s value signifies the continuation of the rupee’s devaluation trend, setting a challenging tone for the week ahead.
On Friday, the Pakistani rupee continued losing streak, closing low of 301 against the US dollar in the interbank market, data from the State Bank of Pakistan (SBP) showed.
The local currency is at an all-time low following an easing in import restrictions that has increased the greenback’s demand and rising risks associated with financing the country’s current account deficit.
Interbank closing #ExchangeRate for todayhttps://t.co/xCR6VJ7vBa#SBPExchangeRate pic.twitter.com/1fBMOrsMOs
— SBP (@StateBank_Pak) August 25, 2023
According to the Exchange Companies Association of Pakistan (ECAP), the local unit is trading at Rs314 in the open market taking the difference between the interbank and kerb rates to Rs13.
According to data issued by the central bank, the local unit lost Rs0.78 or 0.26%, down from yesterday’s (Thursday) close of 300.22.
