KARACHI – The Pakistani rupee continues to face unprecedented pressure against the US dollar, with further depreciation observed on Friday morning.
In the interbank market, there was a significant uptick in the value of the US dollar, surging by 28 paisas. This surge propelled the interbank exchange rate to Rs300.50 per dollar, signifying a substantial shift in the currency exchange landscape.
This record-breaking trend began on Thursday, as the US dollar shattered all previous records, crossing the Rs300 threshold in the interbank market for the first time in history. The US currency continued to strengthen, gaining an additional 58 paisas and reaching an unprecedented milestone of Rs300.22 in the interbank market.
In the open market, the US dollar had already breached the triple century mark a few days prior. Additionally, opportunistic entities in the currency market, colloquially referred to as the “dollar mafia,” are capitalizing on this situation.
In just a fortnight, the US dollar has seen a staggering increase of Rs13 in the interbank market and an Rs18 gain in the open market during the interim caretaker government’s tenure. In the open market, it rose by another Rs3, reaching a value of Rs315.
On Wednesday, the US dollar maintained its historic high rate in the Pakistani currency market, opening the trading session with another increase in value. According to the State Bank of Pakistan, the greenback gained an additional 63 paisas in the interbank market, trading at Rs299.63. In the open market, the US currency strengthened by Rs3, reaching Rs310.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal rates on August 25, 2023
