As political unrest plagues markets, the Pakistani rupee plunged to its all-time low of 300 versus the US dollar during intraday trade today after dipping below 296 at 12:10 PM.
The interbank rate lost Rs. 10 during the first few hours of intraday trade today, falling to Rs. 300.25 at 1:30 PM, down by 3.3 percent. After opening at 306, open market rates for the dollar reached a peak of 310–315 across many currency counters. The dollar has been difficult to sell because of the bleak prognosis for the world’s most popular currency.
Due to market fluctuations, US dollars are not presently accessible.
According to sources, the local currency is fluctuating in step with the political unrest dominating local markets. Since Tuesday, when paramilitary forces detained former prime minister Imran Khan at the Islamabad High Court, trends have remained red.
The black market rate, which trades in the 310–320 range, has also become closer to the bank rate. According to currency dealers, today’s markets are in the red and the rupee will fall even more as investor confidence is harmed by widespread demonstrations and official interference.