Rupee Plummets to Record Low of 255 Against Dollar in Interbank Market



"The Pakistani rupee saw a sharp drop against the dollar on Thursday, in both the interbank and open markets."

This was due to the removal of an unofficial cap on the dollar exchange rate. The intraday transaction in the interbank market saw the rupee drop sharply by more than Rs24, the largest fall since July 2022.

The rupee reached a new low of 255 in the interbank market. Many had believed that the government was influencing the exchange rate as the local currency had remained stable in the interbank market and had not decreased as expected by analysts.

Data from the State Bank of Pakistan shows that the dollar closed at Rs230.89 the previous day. However, it was trading at Rs255 in the intraday interbank market on Thursday."

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