Dollar breaks all previous records against Rupee

In a first, rupee surpassed 204 threshold in open market after shedding Rs3 in the open market.

Meanwhile, it continued its downward slide against the US dollar, dropping to an all time low of Rs202.75 in the interbank market during intraday trade on the rising demand for the greenback due to import payments.

The local currency extended its decline as the demand for the rupee is higher compared to its supply due to import demand which has increased because of oil payments.

According to the State Bank of Pakistan (SBP), the rupee had closed at Rs200.06 on Monday.

Arif Habib Limited Head of Research Tahir Abbas said the currency is under pressure due to pending oil payments and rising oil prices in the international market. 

“The plunge came on the back of a mammoth import bill and widened the current account deficit,” the analyst said.

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