Dollar touches 300 mark

KARACHI: The Pakistani rupee weakened by Rs0.58 against the US dollar and closed at Rs300.22in the interbank market on Wednesday the State Bank of Pakistan said.

The Pakistani currency depreciated by -0.19 cent against the US dollar.

Interbank closing #ExchangeRate for today https://t.co/Jxm8IWczLi#SBPExchangeRate pic.twitter.com/w9i2WBsU9z

— SBP (@StateBank_Pak) August 24, 2023

Read more: Dollar’s first triple-century in Pakistani currency landscape

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, signalling 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.