KARACHI: In the open market exchange rate between the US dollar and the Pakistani rupee has reached an unprecedented high. The US dollar has gained further strength against the Pakistani rupee, increasing by Rs1.50 for both the buying and selling rates. The closing rates on Wednesday were 316.50 for buying and 319.50 for selling.

Meanwhile, in the interbank market, the US dollar continued its ascent against the rupee, advancing by Rs1.40. This led to a new record high of Rs 304.45 for the closing rate.

The previous day, the dollar had concluded at Rs 303.05. In relation to the Euro, the rupee experienced a depreciation of Re1.00 for both buying and selling rates. This resulted in closing rates of 343.00 for buying and 346.00 for selling.

In a connected development, Moody’s Investors Service has indicated that Pakistan faces additional limitations due to its deficient infrastructure and governance. In its most recent report, Moody’s highlighted that Pakistan’s limited fiscal capacity has restricted the funds available for capital expenses. This has resulted in considerably poorer infrastructure quality in comparison to other major Asian economies.

On a global scale, the US dollar experienced its most significant decline in a month and a half on Wednesday. This was driven by investor speculation that the softer-than-anticipated US job data has lessened the likelihood of future rate hikes by the Federal Reserve. The US dollar index, which gauges the currency against six prominent currencies including the yen and euro, remained relatively stable at 103.57. This comes after it retreated from its overnight peak of 104.36 following a substantial decrease in the US dollar’s value.