Due to the relaxation of an unofficial ceiling on the dollar exchange rate on Thursday, the rupee significantly declined against the dollar in both the interbank and open markets.
The rupee suffered its worst intraday loss in July 2022, more than Rs24, during today’s interbank trade.
Rupee experiences huge losses and falls to an interbank low of 255. Due to the local currency’s stability in the interbank market during the past few months and the fact that it did not fall as analysts had projected, many people believed that the government was in charge of the exchange rate.
The State Bank of Pakistan reported that the dollar finished the previous day at Rs230.89. But today’s intraday interbank market had the dollar priced at Rs255.
