After starting the day’s trading at 297.8 versus the US dollar in the interbank market, the Pakistani rupee plunged to a new record low today.
It was negative at 12 PM, shedding 1 rupee to the dollar and dropping as low as 298 after caving in to opening-bell bears.
Later, between 1:30 and 2:30 PM, it dropped to the 299 level and set patterns for the rest of the day.
Open market rates (documented) were in the 303–308 range at several currency counters.
The PKR lost Rs. 1.87 versus the dollar today and decreased by 0.63 percent to settle at 299,01.
The feared 300 was predicted to appear in the interbank today by traders. “There was a little drama right at the finish, but we anticipate seeing 300 tomorrow and a modest resistance to fend off the drop before the local unit mounts a defense. After passing $300, anticipate a temporary halt to the rupee’s decline, one of them added.
Since the International Monetary Fund authorized a new $3 billion rescue arrangement for Pakistan in July, trends have stayed substantially in the negative. At first, Malik Bostan and other well-known analysts predicted that the PKR would increase beyond 250, and the local currency did surge as high as 275.4. However, since then, the interbank rate for US dollars has increased by Rs. 25.
The feared 300 was predicted to appear in the interbank today by traders. “There was a little drama right at the finish, but we anticipate seeing 300 tomorrow and a modest resistance to fend off the drop before the local unit mounts a defense. After passing $300, anticipate a temporary halt to the rupee’s decline, one of them added.
Since the International Monetary Fund authorized a new $3 billion rescue arrangement for Pakistan in July, trends have stayed substantially in the negative. At first, Malik Bostan and other well-known analysts predicted that the PKR would increase beyond 250, and the local currency did surge as high as 275.4. However, since then, the interbank rate for US dollars has increased by Rs. 25.