Friday, June 14, 2024

Pakistani Rupee Hits Historic Low, Reaches Rs. 268.30 against US Dollar in Interbank

As the government relaxed its control over the currency in an effort to persuade the IMF to release a pending loan tranche, the Pakistani rupee continued its downward trajectory on Friday, falling almost Rs12 versus the US dollar in the interbank market.

The local currency was trading at Rs268.30 as opposed to Thursday’s interbank market close of Rs255.43.

Since Thursday, the dollar has increased by Rs30.41 on the interbank market as forex providers lifted a cap on currency rates in response to a crucial demand from the IMF as part of a bailout package established in 2018.

According to the prices supplied by the ECAP, the rupee decreased to 265 to the dollar on the open market, a decrease of Rs3 from the previous day.

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