March to 300: Dollar rises to unprecedented Rs280

Interbank also soars past Rs275
<p>Photo: SAMAA</p>

Photo: SAMAA

With reports of Pakistan’s foreign exchange reserves falling to their lowest value in nine years, the rupee on Friday slipped by another 1.89% in the interbank market and rose to an unprecedented value in the open market.

According to data released by the State Bank of Pakistan (SBP) on Friday, the rupee lost around RRs5.22 as it fell from Thursday’s value of Rs271.36 to Friday’s close of Rs276.58.

This is the first time in the history of the rupee that it has crossed the psychological barrier of Rs275 in the interbank.

Open market

In the open market as well, the rupee saw a loss of nearly Rs5 as it fell to an unprecedented value of Rs280.

This is the first time that the rupee has sunk to such a level.

It bears repeating that as the country’s foreign exchange reserves wwith SBP fell to $3.086 billion, it corresponded with a time when the dollar had peaked for value against the rupee.

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