KARACHI – Pakistani rupee plunged to a record low in the interbank market on Tuesday against the US dollar as demand for the greenback has surged following an ease in import restriction.
Data shared by the State Bank of Pakistan (SBP) on social media platform X, formerly Twitter, shows the local currency dropped by Rs1.88 or 0.63 percent to close at Rs299.01 in the interbank market.
Meanwhile, the foreign currency strengthened by Rs2 in the open market to settle at Rs306.
A day earlier, the embattled rupee settled at 297.13 in the inter-bank, after moving down Rs1.35 in the interbank while the situation remained the same in the open market.
The Pakistani currency is likely to remain under pressure against the dollar in the coming days amid huge demand for foreign currency, primarily driven by the need to clear backlog consignments as the government ended all import curbs.
