The Pakistani rupee concluded the week with a downward trend, marking a new record low against the US Dollar in the interbank market.
This historic fall in the local currency’s value can be attributed to the recent relaxation of import restrictions, which has enhanced the demand for the US dollar, coupled with the escalating risks tied to financing the nation’s current account deficit.
According to the statistics revealed by the State Bank of Pakistan, the Pakistani Rupee hit the lower rate of Rs. 301 against the dollar on Friday.
As per the Exchange Companies Association of Pakistan (ECAP), the rupee is currently trading at Rs. 314 in the open market, resulting in a Rs. 13 difference between the interbank and kerb rates.
Moreover, figures revealed by the Central bank shows that the local currency experienced a decline of Rs 0.78 / 0.26%, down from the previous day’s closing rate of 300.22.