Karachi: The Pakistani rupee has recorded its historic low as US dollar crossed the 300 and traded at 300.25 in interbank on Thursday.
According to the data of the Exchange Companies Association of Pakistan (ECAP), the US currency is currently trading at Rs314 against the local currency in open market, making the 4.57% difference between the interbank and kerb rates to Rs13.75.
The rupee dropped to 299.64 against the USD on Wednesday according to daily data released by the State Bank of Pakistan, 0.21% lower from Tuesday’s close of 299.01. In the open market, it was traded up to a price of Rs315 during the day, but the Exchange Companies Association of Pakistan (ECAP) reported the buying price as Rs309 and selling price as Rs312.
The interbank market is also trying to catch up with the open market as Pakistan has agreed to a structural benchmark with the International Monetary Fund of keeping the two markets with a difference which cannot be more the 1.25% on the average in five days.