Rupee Hits Another Record Low Against US Dollar for Second Consecutive Day

For the second consecutive day, the Pakistani rupee has set a new record low against the US Dollar. Starting at 297 in the interbank market, it dropped to 299.92 at its lowest point during the day, marking a loss of about 91 paisas against the dollar.

Throughout the day, the trend remained bearish before closing. In the open market, rates ranged from 303 to 309.

By the end of the day, the rupee depreciated by 0.2%, closing at 299.63 after a loss of 62 paisas against the dollar. This ongoing trend began in July after the IMF approved a $3 billion bailout for Pakistan, causing the rupee to weaken.

The US Dollar interbank rate has risen by around Rs. 26 since then, while the black market rate trades in the range of 312 to 318. Currency dealers anticipate further depreciation in the coming days, with potential record lows between 300 and 305 in August.