Dollar closes in on Rs300 in interbank, Rs314 in open markets

KARACHI: Pakistani rupee fell to another all-time low of 299.64 against the US dollar in the interbank market on Wednesday and depreciated by 63 paisas (-0.21 percent).
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 299.01 against the dollar in the interbank market and closed at 299.64.
Earlier, the rupee hit all-time lows of 299.01 per dollar a session earlier and 298.93 per dollar on May 11 in the backdrop of a deepening political turmoil and widespread law and order disturbances after former prime minister Imran Khan’s arrest in a case. Interestingly, all these lows were recorded when the former prime minister was/is in jail.
The rupee depreciated by Rs7.27 against the US dollar last week and devalued by Rs3.86 during this week. During the current fiscal year 2023-24, Pakistani rupee has shed Rs13.65 against the US dollar in the interbank market, while it plummeted by Rs72.21 against the greenback in the current year.
Similarly, the local unit depreciated against the greenback in the open market by Rs5 (-1.62 percent). The rupee was quoted in the range of 311-314 against the dollar in the open market as compared to 306-309 a session earlier. In the black market/Hundi, the dollar was traded at Rs328 against Rs323 a session earlier.-TLTP