KARACHI – Pakistani rupee, after plunging to a new record low against the Dollar, continued its negative trajectory as uncertainty looms large in the country that is already dogged by many woes.
During the intra-day trading on Wednesday, the rupee remained under pressure against the greenback and closed at 299.63 with a drop of -0.21%.
Earlier this week, the rupee fell to a record low in the interbank market as demand for the greenback surged following ease in import restrictions.
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 also strengthened massively in the open market to hover around Rs312.
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.
