To the 300: The rupee soars to an unprecedented 280

The rupee lost another 1.89 percent on Friday in the interbank market and reached an unprecedented level in the open market in response to reports that Pakistan's foreign exchange reserves had dropped to their lowest point in nine years.

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The rupee lost approximately RRs5.22 as it fell from Thursday’s value of Rs271.36 to Friday’s close of Rs276.58, according to data released by the State Bank of Pakistan (SBP).

In the history of the rupee, this is the first time that it has achieved the psychological threshold of Rs275 in the interbank market.


The rupee lost nearly Rs5 in the open market as well, falling to an unprecedented Rs280 value.

The rupee has never fallen to such a low point before.

It bears repeating that the time when the dollar’s value against the rupee reached its highest point coincided with the country’s SBP foreign exchange reserves falling to $3.086 billion.

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