Rupee touches new low of Rs269 against US dollar

Karachi: The Pakistani rupee continued to fall against the US dollar as it touched a new of Rs269 in the open market.

The latest reports said that the Pakistani rupee was sold at Rs269 per dollar in the open market, equating to a depreciation of Rs7, or 2.67pc, over yesterday’s rate of Rs262.

After the fall, the Eurorose by Rs7.50 to hit a high of Rs286.50 while UK Pound increased by Rs5 to reach Rs326.

Similarly, the UAE Dirham and Saudi Riyal also witnessed an increase of Rs1 and Rs0.90 to reach Rs79 and Rs71, respectively.

The State Bank of Pakistan, however, said that the rupee closed at Rs262.6 per dollar in the interbank market, below Rs7.17 or 2.73 per cent from yesterday’s close.

Interbank closing #ExchangeRate for todayhttps://t.co/ypqbKr5xot pic.twitter.com/eKUgXjr1Pf

— SBP (@StateBank_Pak) January 27, 2023

On Friday, the local currency lost Rs24.54 value against the US dollar to a record low of Rs255.43 in the interbank yesterday after removal of an unofficial cap on the exchange rate.

Earlier this week, the Exchange Companies Association of Pakistan (ECAP) removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.