Pakistani Rupee hits new historic low against US dollar
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The Pakistani rupee's downward spiral against the US Dollar persisted today, marking a significant chapter in its financial history. The day commenced with the rupee being traded at 299.5 against the greenback in the interbank market, setting the stage for what would become a tumultuous day for currency traders.
As the clock struck 12 PM, the rupee exhibited a bearish trend, plummeting to a low of 304.925, shedding approximately Rs. 5 in value against the US Dollar. This decline echoed the sentiments of opening-bell bears, who set a pessimistic tone for the day's trading.
Between 1:30 PM and 2:30 PM, the rupee showed signs of recovery, briefly stabilizing around the 302 level. However, this respite was short-lived as it once again dipped to 304, firmly establishing its trajectory for the remainder of the trading day.
The situation had been dire since the caretaker government assumed power, with the US Dollar gaining a staggering Rs. 16.02 against the Pakistani rupee during this period. This significant devaluation underscored the economic challenges faced by the country.
Open market rates, as documented across multiple currency exchange counters, ranged from 308 to 314, reflecting the broad impact of the rupee's depreciation on various sectors of the economy. Traders and businesses were grappling with the consequences of this sharp decline in the currency's value.
Remarkably, despite the tumultuous day, the Pakistani rupee managed to regain some ground by the close of trading, appreciating by 0.02 percent to settle at 305.47. This modest recovery, which amounted to seven paisas gained against the US Dollar, provided a glimmer of hope amid the prevailing economic uncertainty
