{"id":309896,"date":"2023-01-27T08:19:51","date_gmt":"2023-01-27T03:19:51","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=309896"},"modified":"2023-01-27T08:19:51","modified_gmt":"2023-01-27T03:19:51","slug":"rupee-sinks-to-historic-low-of-rs255-against-us-dollar","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/rupee-sinks-to-historic-low-of-rs255-against-us-dollar\/","title":{"rendered":"Rupee sinks to historic low of Rs255 against US dollar"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nIt was a freefall situation for the Pakistani rupee as it plunged to historic low of Rs255 against the US dollar in the interbank market on Thursday, narrowing the gap with the dollar rate in the open market.<br \/>\nThe clouds over Pakistan\u2019s currency market are getting darker and darker with no hope in sight as the rupee suffered 27th consecutive hammering at the hands of the US dollar in the interbank market. The data provided by the forex dealers suggested that the greenback shot up to the historic level of 255 as it appreciated by massive Rs24.11 in interbank market by Thursday afternoon and was currently being traded at Rs255.<br \/>\nThe latest rampant surge in the value of the US dollar has multiplied Pakistan\u2019s foreign debts by over Rs2,000 billion. The situation was no different in the open market where the US dollar jumped up by Rs12 and was exchanging hands at Rs255 by noon.<br \/>\nThe greenback is being bought at Rs252.50 and is being sold at Rs255 in the open market. On Wednesday, the US dollar went up by 0.21 percent, gaining value of 49 paisas and ended the day at Rs230.89 in the interbank trading.<br \/>\nECAP Chairman Malik Bostan said that commercial banks were not supplying dollars to exchange companies despite the State Bank\u2019s directives. \u201cThe cap on the dollar rate has been removed which is why it is appreciating. It can continue to rise till supply resumes.\u201d He urged the SBP to ensure commercial banks supplied dollars to the exchange companies.<br \/>\nForeign exchange companies lifted a price cap on Wednesday, which they said caused \u201cartificial\u201d distortions and created a black market, where the US currency was selling at higher rates. As a result, the rupee depreciated to Rs252.5 in early open-market trade. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD It was a freefall situation for the Pakistani rupee as it plunged to historic low of Rs255 against the US dollar in the interbank market on Thursday, narrowing the gap with the dollar rate in the open market. The clouds over Pakistan\u2019s currency market are getting darker and darker with no hope in sight [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":309925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-309896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rupee sinks to historic low of Rs255 against US dollar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/rupee-sinks-to-historic-low-of-rs255-against-us-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rupee sinks to historic low of Rs255 against US dollar\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD It was a freefall situation for the Pakistani rupee as it plunged to historic low of Rs255 against the US dollar in the interbank market on Thursday, narrowing the gap with the dollar rate in the open market. The clouds over Pakistan\u2019s currency market are getting darker and darker with no hope in sight [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/rupee-sinks-to-historic-low-of-rs255-against-us-dollar\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-27T03:19:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/leadpakistan.com.pk\/news\/wp-content\/uploads\/2023\/01\/Front-Peshawar1-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"618\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta 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