US dollar hits all-time high against Pakistani rupee

Karachi: The US dollar hit an all-time high against Pakistani rupee, setting a new record in the interbank market on Monday.

The rupee set an all-time low and broke through the 300-rupee barrier, rising to a record high of 302 rupees amid the economic collapse and political unrest.

Interbank closing #ExchangeRate for todayhttps://t.co/WpF9PYlRM9#SBPExchangeRate pic.twitter.com/hOkqhsgiiG

— SBP (@StateBank_Pak) August 28, 2023

The open market witnessed the dollar’s value hitting 300 rupees.

The rupee's continued devaluation is shown by the higher rise in the value of the dollar, which creates a difficult mood for the coming week.

According to currency dealers, the dollar surged by 0.75 paisas to reach a startling 301.75 rupees at the beginning of the new business week, continuing the greenback's upward trajectory against the Pakistani rupee.

The rupee consistently weakened over the preceding week, suffering losses in each of the five trading sessions, and ultimately falling to an unheard-of low of 301 against the US dollar.