KARACHI – The Pakistani rupee remained under pressure on Wednesday in both interbank and open markets against the US dollar to touch the historic low level.
Data shared by the central bank of Pakistan said the local currency declined by Rs1.09 to close at Rs305.54 in the interbank market.
In open market, the rupee plunged by Rs3.50 to close at record low of Rs323 as demand for the foreign currency has been increasing since the withdrawal of import restrictions.
In previous sessions, PKR continued negative trajectory following the dissolution of the former government.
In the last couple of weeks, the greenback gained by 15 rupees in the interbank market and over 25 rupees in the open market.
In the open market, the Pakistani rupee hovered at 325 for buying purposes for customers.
The local unit is likely to remain under pressure against the dollar amid huge demand for foreign currency, primarily driven by the need to clear backlog consignments as the government ended all import curbs.
Gold price sees a massive jump of Rs2,900 per tola in Pakistan
