ISLAMABAD: The US dollar achieved an all-time high against the depreciating Pakistani rupee, setting a new record in the interbank market.
Amidst economic turmoil and political instability, the local currency plunged to an unprecedented low and closed at the 302 rupee mark, an all-time high in the inter-bank trading on Monday. In the open market, the dollar’s value surged to around 318 rupees.
This concerning surge in the dollar’s value signifies the continuation of the rupee’s devaluation trend, establishing a challenging tone for the upcoming week.
The American currency’s upward trajectory against the Pakistani rupee shows no indications of slowing down as the new business week commences, with the dollar, surging by one rupee, reaching a staggering 302 rupees, as reported by currency dealers.
Meanwhile, in the previous week, the rupee displayed consistent weakness, recording losses in all five trading sessions and ultimately reaching an unprecedented low of 302 against the US dollar.
This resulted in a 1.7% decline in the currency’s value relative to the greenback.
The US Dollar Hits 318 Rupees In The Open Market Trading
In the open market, the foreign exchange companies sold the US dollar at 318 rupees on Friday, the highest-ever so far.
However, the companies bought the dollar at 315 and sold at 318. Thus the PKR continues to face pressure as the removal of restrictions on letters of credit (LCs) has triggered PKR depreciation. Meanwhile, the inter-bank and open market trading rate gad also widened to 17 rupees on Friday. The banks traded the dollar at 301 while the open market traded it at 318 rupees on August 25.
The exchange rate in the open market greatly impacts the masses in the country. The banks do not provide foreign exchange to individuals and the open market is the only option for them to buy the dollars and other currencies.
