Rupee hits fresh low against dollar

KARACHI: The rupee on Friday plunged to a fresh low at 180.57 against the US dollar after a day-on-day depreciation of 50 paise in the interbank market.

The local currency for the first time crossed the 180-level on Thursday amid mounting geopolitical tensions in the wake of the Russian war against Ukraine.

Currency dealers said the impact of the free-float exchange rate is visible while the State Bank of Pakistan still struggling to get a hold on the situation.

The greenback was traded at Rs177.41 on March 1 while it was closed at Rs180.57 on Friday, an appreciation of Rs3.16 or 1.78 per cent in the ongoing month.