Economics

Rupee hits historic low against dollar in interbank trade

A currency dealer is seen counting $100 notes; while Rs500 notes are kept on the table. — AFP/File

KARACHI: The Pakistani rupee continued its downward spiral unabated for the 14th consecutive session on Wednesday and hit an all-time low of Rs240 against the US dollar in the interbank market amid floods and a shortage of greenback in the country.

The rupee has been one of the worst performing currencies in the emerging markets and has fallen by nearly 9% so far this month owing to wide-ranging factors.

In the interbank market during intraday trade, the rupee plunged to 240 after losing 1.09, according to Investing.com, down in value from the previous session’s close of 238.91.

Source: The News

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