Following the removal of an unofficial cap on the dollar exchange rate, the rupee took a massive hit against the greenback in the interbank and open markets on Thursday.
The rupee nosedived in the interbank market during intraday trade today as it depreciated by more than Rs24 — lowest since July 2022.
Rupee takes a hammering, falls to historic low of 255 against dollar in interbank
For the last few months, the local currency was maintaining its position in the interbank market and was not depreciating as analysts expected, leaving many to believe that the government was managing the exchange rate.
A day earlier, State Bank of Pakistan data showed that the dollar closed at Rs230.89.
However, the greenback was being traded at Rs255 in the interbank market during intraday trade today.