The rupee suffered a severe loss versus the dollar in the interbank and open markets on Thursday as a result of the lifting of an unofficial ceiling on the dollar exchange rate.
Today’s intraday transaction in the interbank market saw the rupee plummet as it lost more than Rs24, the most since July 2022.
Rupee suffers a severe beating and drops to an interbank low of 255.
Many people assumed that the government was controlling the exchange rate because, for the past few months, the local currency had maintained its position in the interbank market and had not declined as analysts had predicted.
According to data from the State Bank of Pakistan, the dollar closed at Rs230.89 the day before.