KARACHI – The Pakistani rupee continued its downward trajectory against the US dollar, as in recent developments the local unit depreciated below 300 in the inter-bank market.
Data shared by the State Bank of Pakistan shows rupee plunged to a new record low as PKR dropped below the 300 level for the first time in the inter-bank market amid back-to-back blows.
After being quoted at 300.75, the rupee settled at 300.22, with a decrease of Re0.58 or 0.19pc, SBP data shows.
In previous sessions, the local unit remained under pressure against the greenback, as it settled at 299.64.
The rupee moved down as the crisis hit country revokes all curbs on imports, as earlier Islamabad restricted outflows from its dilapidating foreign reserves. The removal of those curbs started in June this year as a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.
The country is currently being governed by an interim setup while the market is marred by political and economic turmoil.
Pak rupee set to cross Rs300-mark against dollar in interbank market
