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Dollar out of control, crosses Rs200 in open market

KARACHI: The Pakistani rupee surpassed the anticipated level of Rs200 in the open market against the US dollar after shedding Rs2.5 on Wednesday.

Meanwhile, in the interbank market, the local currency continued to be on a slippery slope, and with a fresh decline of Rs3.87, or 1.34% in a single day, it plunged to yet another historic low of Rs198.39 against the greenback despite suspected intervention from the central bank.

The rupee was trading at a new all-time low at Rs199 at 2:46pm against the greenback during intraday trade, compared to Tuesday’s close of Rs195.74.

The domestic currency has maintained the downturn on the ninth consecutive working day as it cumulatively lost 6.83% or Rs12.7. The currency hit a record low of Rs188.66 on April 10. It then plunged to Rs190.90 on April 11, fell over Rs192 on April 12, reached Rs193.10 on April 13, sank below Rs194 on April 16 and down to Rs196 yesterday (April 17).

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