Abb Takk News

Rupee devalues historically as Dollar reaches 300 in inter-bank market

KARACHI: The Pakistani rupee breached the 300 mark against the US dollar in the interbank market during the intraday trade Thursday, data from the Exchange Companies Association of Pakistan (ECAP) showed.

The pressure has increased on the local unit — traded at the historic low of 300.25 today — as demand grew for the greenback following the relaxation of import restrictions and rising risks associated with financing the country’s current account deficit.

According to ECAP, the USD is trading at Rs314 against the local currency in the open market taking the difference between the interbank and kerb rates to Rs13.75 — 4.57%.

On Wednesday, the currency fell to 299.64 against the USD, 0.21% lower from Tuesday’s close of 299.01.