Pakistani rupee falls to historic low of Rs300 against US dollar in interbank

The Pakistani rupee remained under pressure against the US dollar in interbank market on Thursday, as it fell to the historic low of Rs300, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the rupee appreciated by 14 paisas in the early trading but the dollar reversed that trend and instead appreciated by 58 paisas topping the psychological barried of Rs300 for the first time in history. The pressure on rupee continued as importers rushed to buy the greenback amid shortage of supply and ever-rising demand.

The Pakistani rupee ended the day at Rs300.22.

Interbank closing #ExchangeRate for today https://t.co/Jxm8IWczLi#SBPExchangeRate pic.twitter.com/w9i2WBsU9z

— SBP (@StateBank_Pak) August 24, 2023

On Wednesday, the Pakistani rupee had ended the day against the US dollar at a record low of Rs299.64.

Interbank closing #ExchangeRate for today https://t.co/CpkjrksqU7#SBPExchangeRate pic.twitter.com/1pHVzanqXs

— SBP (@StateBank_Pak) August 23, 2023

The Pakistani rupee had lost 4.3 percent of its value against the US dollar since the start of the month, as Pakistan faced a widening current account deficit.

Experts were of the view that the removal of import restrictions by the government, which was one of the conditions for securing an IMF loan, had increased the import bill and created a backlog of payments.

Analysts said the rupee was also affected by the global strength of the dollar, which had gained against other major currencies due to expectations of higher interest rates in the United States.

 

Reporter Ashraf Khan