The Value Of The Rupee Plummets Against The Dollar In The Interbank Market, Hitting A New All-Time Low Of 255

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On Thursday, the rupee collapsed against the dollar in both the interbank and open markets, as the removal of an unofficial cap on the dollar exchange rate had a dramatic effect.

For today’s intraday transaction on the interbank market, the rupee’s depreciation of more than Rs24 was the largest drop since July 2022.

Many speculate that the government is intervening in the currency market since the local currency has been holding steady on the interbank market and has not depreciated as predicted by experts.

The dollar had previously ended at Rs230.89, according to statistics from the State Bank of Pakistan.

However, during intraday trading today, the greenback was exchanged for Rs255 in the interbank market.

The difference between the two rates was Rs24.11.

Since July 28, 2022, when it hit Rs239.94 in the interbank market, this is the lowest the rupee has gone against the dollar.

ECAP statistics, on the other hand, revealed that the dollar is being sold on the open market during intraday trading at a depreciated rate of Rs12 per dollar, or 255 rupees.

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