The value of the US dollar against the Pakistani Rupee (PKR) has once again soared on the fifth day of the business week, causing concern among traders and the public alike. As the PKR continues to face downward pressure, in the interbank market today, the dollar witnessed a staggering Rs0.46 increase in its value, pushing it to a record high of 306 rupees. The value of the United States dollar soared to a historic high, surging by a staggering 30 rupees in just 20 days. On Thursday, in the open currency market, the dollar rate surged by an additional Rs3, reaching an astonishing exchange rate of Rs 325. The US dollar continued to hit new heights against a weakening Pakistani rupee, and reached the 305 level during trading as the gap with the inter-bank rate widened further. The Pakistani rupee has found itself on a rollercoaster ride yet again against the mighty US dollar.

The dollar crossed an unprecedented milestone, soaring past the Rs305 mark in the inter-bank exchange, as the rupee weakened by another 80 paisas against the greenback. With each passing day, the rupee’s value seems to be taking a free fall, leaving economists and citizens alike in a state of astonishment. As the dollar continues to flex its muscles, the consequences are far-reaching. The American currency shattered records further as it opened the new trading session on Wednesday morning with a surge of 70 paisas in the interbank market. It traded at a record value of Rs303.75 against the local currency.

However, a short while later, the value of the rupee slumped by Rs1.40 against the mighty greenback, and it reached the record value of Rs304.45 in interbank trading, according to currency dealers. In the open market also, the US currency has reached historic high levels as it jumped to Rs322 with an increase of Rs3 in just one day. During the 19 days of the interim government, the US dollar has appreciated by Rs27 in the open market so far. In interbank trade, the American currency has gained Rs16.5 during the sane period.

On Tuesday also the dollar’s relentless surge against the Pakistani rupee showed no signs of abating, reaching record highs in both the interbank and open markets on the second day of the business week. The value of the dollar surged to an all-time high of Rs303 in the interbank market. In the open market also, the dollar traded at a historic level of Rs316.

 
Credit: Independent News Pakistan (INP)