KARACHI: The Pak Rupee depreciated massively against dollar to end at record low of Rs146.52 by shedding Rs5.12 in the single day trading.
The exchange rate hit Rs148 for one dollar in midday trading. However, the local unit recovered slightly.
The exchange rate in the Interbank market closed today at Rs146.52 per US$ from previous day’s close of Rs141.40 to the dollar: Chief Spokesman State Bank of Pakistan (SBP) said after sharp decline of local currency.
“This movement reflects demand and supply conditions in the foreign exchange market,” Chief Spokesman State Bank.
It will help in correcting market imbalances, he added.
The exchange rate in open market was also witnessed massive decline in local currency value.
The buying and selling of dollar was recorded at Rs146.00/Rs147.50 from previous day’s closing of Rs143.50/Rs144.00 in cash ready market.