Federal Budget

Rupee up 96 paisa with dollar exchange rate touching Rs278.55

Rupee up 96 paisa with dollar exchange rate touching Rs278.55

Business

Local currency has gained Rs28.35 against greenback after nosediving to record low of Rs307.10

KARACHI (Web Desk) – The US dollar continues depreciating against the Pakistan rupee after shedding another 96 paisa against the local currency during early interbank trading on Thursday.

By the time this report was filed, the official exchange rate for dollar stood at Rs278.55 against the yesterday’s closing of Rs279.51, which translates into a Rs28.35 surge since reversing the trend which saw the local currency sliding down to the level of Rs307.10 against the greenback – the worst in Pakistan’s history.

Although Pakistan facing a severe economic crisis, the record depreciation experienced by rupee was a product of market manipulation – hoarding, illegal trading and cross-border smuggling – and the government has launched a successful crackdown on the elements involved in these practices.