KARACHI – The Pakistani rupee continued to remain under pressure as it embarked on a negative trajectory against the US dollar in the interbank and open market.
During intra-day trading, the greenback touched its highest level in history. PKR fell to an all-time low against the USD as it lost 78 paisas in the interbank market on the last working day of the week.
Data shared by the State Bank of Pakistan shows the US dollar climbed to Rs301.
Interbank closing #ExchangeRate for todayhttps://t.co/xCR6VJ7vBa#SBPExchangeRate pic.twitter.com/1fBMOrsMOs
— SBP (@StateBank_Pak) August 25, 2023
In recent weeks, the Pakistani rupee lost around Rs12 against the USD. The central bank clarified that they could not do anything to bring stability to the currency market.
On the other hand, the US dollar remained unchanged as it was available at Rs316. The high-flying dollar recorded a surge of Rs20 in the open market since the caretaker government took charge.
The rupee remained under pressure as the government aimed at building market confidence so that PKR stables, resulting in an improved economy.
Rupee nears record low of Rs300 against US dollar in interbank market
