Rupee plunges to historic low against dollar

Rupee plunges to historic low against dollar

Rupee plunges to historic low against dollar
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KARACHI: The rupee plunged by 63 paisas to cross Rs180, making the historic low against the dollar on Thursday.

The exchange rate ended at Rs180.07 to the dollar from the previous day’s closing of Rs179.44 in the interbank foreign exchange market.

The previous all-time low in the rupee value against the dollar was recorded a day earlier at Rs179.44.

It is the fourth straight day of decline in rupee value as it made a fresh low. The local unit for the last four sessions witnessed a significant decline and lost Rs1.56 against the foreign currency.

The dealers said that the rupee was declining due to the political unrest, volatile international oil prices and higher commodity import payments.

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They said that a no-confidence motion against the prime minister by the opposition parties had resulted in negative sentiments in the market, adding that the dollar demand was also mounting due to the import of commodities related to the holy month of Ramazan.

The local forex market is also uncertain due to the volatile oil prices in the international markets. The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.

The local currency remained under pressure since the start of the current fiscal year. The rupee lost Rs22.53 or 14.30 per cent from Rs157.54 to dollar on June 30, 2021 to the current level of Rs180.07.

At the open market, the buying and selling of the dollar was recorded at Rs179.8 and Rs181.2 at 4:45pm PST.

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