Rupee Touches Historic Low Of Rs285.42 Against US Dollar

The central bank confirms that the dollar has concluded at Rs285.42 in the interbank market.

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-May 29^th, 2023) The value of the US Dollar witnessed a 27 paisa increase at the closing time of trading in the interbank market on Monday, according to the State Bank.

The central bank confirmed that the dollar concluded at Rs285.42 in the interbank market.

In the open market, the dollar reached an all-time high, with varying rates observed for its sale in Karachi. Currency dealers reported selling rates ranging between Rs313 and Rs316 for the greenback in Karachi.

The disparity between the interbank and open market rates for the dollar has reached a significant record level of Rs29.

Earlier in the day, the dollar continued its upward trajectory against the rupee, gaining 30 paisas and reaching Rs285.45, posing new challenges for the already struggling economy.

At the beginning of the trading day, the US dollar was being sold at Rs311 in the open market.

Merely two weeks ago, the Pakistani rupee experienced a sharp decline, reaching a historic low of 298 against the American currency due to political turmoil in the country.

During Pakistan's First International Conference on Islamic Capital Markets, Finance Minister Ishaq Dar addressed the nation and assured them that the government was actively working to address and stabilize the economy.