KARACHI: Pakistani rupee plunged to all-time lowest level of 178.61 against the US dollar on Tuesday. The State Bank of Pakistan said in a statement that the dollar opened at Rs178.13 in the interbank market and closed at Rs178.61 after shedding 48 paisas (-0.27 percent). Earlier, the rupee’s lowest level against the US dollar was 178.24, which was recorded on December 29, 2021. The rupee witnessed a trading range of 65 paisas during the session, showing the intraday high bid of 178.65 and low offer of 178.10. Within the open market, the rupee was traded at 178/179 per dollar against 177.50/178.50 per dollar a day earlier. On the other hand, the US Dollar Index, which gauges the greenback against a basket of its main competitors, extended the rally further by 0.33 percent to reach 99.24. The acute upside in the greenback remains well and sound for the fourth session in a row and reached levels last traded back in May 2020. The US dollar has continued to strengthen as global liquidity conditions deteriorate and energy prices have spiked again.
