The US dollar hit an all-time high against dilapidating Pakistani rupee on Monday, setting a new record in the inter-bank market.
Amid the economic meltdown and political instability, the local currency plummeted to an all-time low and breached the 300-rupee mark, reaching an all-time high of 302 rupees, while the open market witnessed the dollar’s value hitting 300 rupees.
This alarming spike in the dollar’s value signifies the continuation of the rupee’s devaluation trend, setting a challenging tone for the week ahead.
Earlier today, at around 10:00 am, the Pakistani rupee continued its losing streak against the US dollar, hitting an all-time low of 301.75 in the interbank market during the intraday trade.
The American currency’s upward trajectory against the Pakistani rupee shows no signs of slowing down as at the start of the new business week, the dollar surged by 75 paisas, reaching a staggering 301.75 rupees, according to currency dealers.
Last week, the rupee demonstrated consistent weakness, recording losses in all five trading sessions and ultimately reaching an unprecedented low of 301 against the US dollar.
This resulted in a 1.7% decline in the currency’s value relative to the greenback.
