Rupee hits record low of 300 against US dollar

Karachi: The Pakistani rupee remained under pressure against the US dollar in interbank market on Thursday, as it fell to the historic low of Rs300.

The rupee appreciated by 14 paisas in the early trading, according to information gathered from currency traders, but the dollar reversed that trend and instead appreciated by 36 paisas, breaking the psychological barrier of Rs300 for the first time in history.

The pressure on the rupee persisted as importers rushed to purchase the dollar due to a scarcity and increased demand.

In the open market, the USD was being traded at Rs315, they said.

The Pakistani rupee is currently being traded at Rs300.