Pak Rupee Drops to Record Low of 301 Against US Dollar
LAHORE MIRROR — The Pakistani rupee continued losing streak on Friday, 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.
— 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.