Rupee plunges record low to Rs 194 against US dollar

The freefall of the Pakistan Rupee against the US dollar continued on Monday as the greenback plunges to all-time low of Rs194.18 against the greenback in the inter-bank market.

The exchange rate witnessed a decline of Rs1.65 in rupee value to end at Rs194.18 to the dollar as compared with last Friday’s closing of Rs192.53 in the interbank foreign exchange market.

The rupee lost a further Rs1.65 in value to close out the trading day at Rs194.18 in the interbank, said the data released by the State Bank of Pakistan (SBP).

In the open market, the dollar was reported to be traded at around the Rs195 mark.

This is a break from recent trends with regard to the dollar in the open market where traders were charging a margin of as much as Rs1.5 per dollar instead of the usual margin of 30 paisa to 50 paisa.

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