Dollar’s first triple-century in Pakistani currency landscape

KARACHI – The unrelenting pressure on the Pakistani rupee in relation to the US dollar has culminated in yet another historic juncture, as the national currency experienced further devaluation during Thursday morning’s trading.

As the trading day commenced, the greenback made substantial gains of an additional 36 paisas, propelling it to an unprecedented milestone of Rs 300 within the interbank market.

This occurrence marks a moment of significant consequence.

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While the broader financial landscape has been anticipating this development, the open market had already witnessed the American currency surpassing the triple-century threshold a few days’ prior, signaling the enduring challenges faced by the Pakistani rupee.

A mere fortnight has witnessed a staggering increase of Rs 13 in the interbank market, underscoring the formidable ascendancy of the dollar against the national currency within a remarkably short span.

Yesterday’s performance indicated a minor retreat for the currency, with Wednesday seeing the rupee’s value against the USD diminish to 299.64. This depreciation marked a modest 0.21% decrease compared to the previous day’s closing rate of 299.01.

The ongoing narrative of the Pakistani rupee’s struggle against the American dollar continues to unfold, with economic stakeholders and citizens alike observing the ramifications with bated breath.

The evolving situation raises questions about the nation’s financial policies and external economic influences, as authorities and experts work to navigate these uncharted waters.