Rupee plunges to historic low of Rs255 against US dollar

Karachi: The Pakistani rupee plunged to historic low of Rs255 against the US dollar in the interbank market on Thursday.

The clouds over Pakistan’s 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.

The latest rampant surge in the value of the US dollar has multiplied Pakistan’s 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. The 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 paisa’s and ended the day at Rs230.89 in the interbank trading.