Dollar reaches historic high against Pak rupee in interbank market

KARACHI (a1tv News) After losing Rs12 against the US dollar in the open market, the Pakistani rupee also lost Rs11.11 against the greenback in the interbank market on Thursaday, Dunya News reported. 

The local currency was being traded at Rs242 per dollar in the interbank market around 10:48am, according to the data released by the Forex Association of Pakistan (FAP).

According to the FAP, the PKR was being traded at Rs255 per dollar with a record low in the open market around 11:40am. This equates to a depreciation of Rs12 or 4.94 per cent compared to yesterday’s rate of Rs243.

In the interbank market, the local currency was trading at Rs250 per dollar, down Rs19.11, or 8.28pc, from yesterday’s close of Rs230.89.

According to currency analysts, the rupee is bound to see significant depreciation in the coming days as Pakistan has moved to meet conditions of the IMF to revive its bailout programme.

After the Exchange Companies Association of Pakistan (ECAP) removed an unofficial cap on the exchange rate, the Pakistani rupee on Wednesday closed at Rs243.00, falling 2.25 or 0.92% in the open market.

According to the Forex Association of Pakistan (FAP), the exchange rate of the Pakistani rupee also depreciated by 49 paisa against the US dollar in the interbank trading and closed at Rs230.89 against the previous day’s closing of Rs230.40.

On the other hand, the buying and selling rates of dollar in the open market were recorded at Rs240.60 and Rs243.00 respectively.

The price of the euro appreciated by 27 paisa and closed at Rs251.28 against the previous day’s closing of Rs251.01, according to the State Bank of Pakistan (SBP).

The Japanese yen remained unchanged to close at Rs1.77, whereas a decrease of Rs1.76 was witnessed in the exchange rate of the British pound, which was traded at Rs284.19 as compared to its last closing of Rs285.95.

The exchange rates of the Emirates dirham and Saudi riyal increased by 16 paisa and 13 paisa to close at Rs62.86 and Rs61.49 respectively.