[GEO.TV] The Pak rupee breached the 300 mark against the US dollar in the interbank market during the intraday trade Thursday, data from the State Bank of Pakistain showed at the close of the day.The pressure has increased on the local unit — which closed at the historic low of 300.22 today — as demand grew for the greenback following the relaxation of import restrictions and rising risks associated with financing the country’s current account deficit.
According to Exchange Companies Association of Pakistain (ECAP), the USD is trading at Rs316 against the local currency in the open market taking the difference between the interbank and kerb rates to Rs15.75 — 5.25%.
On Wednesday, the currency fell to 299.64 against the USD, 0.21% lower from Tuesday’s close of 299.01.