KARACHI – The US dollar crossed the barrier of Rs300 in the interbank market on Thursday, up Rs100 in the last 15 months as the country is facing the worst economic crisis in recent times.
The greenback was traded at Rs300.37 in the early hours of Thursday.
The pressure on the embattled currency increased as demand increased for high-flying USD post revocation of import restrictions and rising risks associated with financing Islamabad’s current account deficit.
Earlier this week, the currency plunged to 299.64 against the greenback amid back-to-back losses. The situation remained grim as stranded containers and dropping exports and remittances triggered dollar crunch.
More to follow…
