Rupee Hits New Record Low Against US Dollar
The American dollar maintains its consistent upward trajectory as the Pakistani rupee experiences an unprecedented decline in the foreign exchange market.
The US currency achieved new milestones as it initiated the latest trading session on Wednesday morning with a rapid increase of 70 paisas within the interbank market.
It was valued at an all-time high of Rs303.75 against the domestic currency.
However, shortly thereafter, the rupee’s value plummeted by Rs1.40 in comparison to the formidable greenback, resulting in a new peak of Rs304.45 during interbank trading, as reported by currency dealers.
Simultaneously, within the open market, the US dollar has attained historically elevated levels, surging to Rs322 with a notable rise of Rs3 in a single day.
Also Read: Today Currency Exchange Rate in Pakistan – August 30, 2023
Throughout the 19 days of the transitional administration, the US dollar has increased by Rs27 in value within the public market up to now. In the interbank commerce, the American currency has acquired Rs16.5 during the same span.
On Tuesday as well, the dollar’s unyielding climb against the Pakistani rupee revealed no indications of diminishing, achieving unprecedented peaks in both the interbank and public markets on the second day of the business week.
The valuation of the dollar surged to a never-before-seen peak of Rs303 in the interbank market. In the public market as well, the dollar was exchanged at a historic threshold of Rs316.