KARACHI: The Pakistani rupee is enduring an unprecedented decline against the US dollar, with the American currency steadily climbing to new heights in the currency exchange market.
The US dollar achieved further record-breaking milestones as it commenced the new trading session on Wednesday. It surged by 70 paisas in the interbank market, attaining an unprecedented value of Rs303.75 when compared to the local currency.
However, this situation took a turn shortly thereafter, with the rupee’s value plummeting by Rs1.40 in contrast to the robust US dollar. This decline brought the rupee’s value to an all-time low of Rs304.45 in interbank trading, as reported by currency dealers.
In the open market, a similar trend has unfolded, with the US dollar reaching historic levels. It soared to Rs322, marking a significant increase of Rs3 within a single day.
Over the course of the interim government’s 19-day tenure, the US dollar has gained strength against the rupee by Rs27 in the open market. In interbank trading, the American currency has experienced a rise of Rs16.5 during this same time frame.
The relentless ascent of the US dollar against the Pakistani rupee persisted on Tuesday as well, extending into the second business day of the week. The dollar’s value surged to an unparalleled height of Rs303 in the interbank market. Concurrently, in the open market, the dollar’s value reached an historic level of Rs316.