The rupee fell to an all-time low against the dollar as it shed 78 paisas in the interbank market on Friday, market dealers said as the foreign currency soared to Rs301.

The greenback was trading at Rs301 at the closing of the interbank foreign exchange market, as against the closing of Rs300.22 the previous day.

The rupee has lost around Rs12 against the dollar since the caretaker government came to power. Both the central bank and the finance ministry said a day earlier that they could not do anything to bring stability to the currency market.

In the open market, the value of the dollar remained unchanged as it was available at Rs316.

The foreign currency has recorded an increase of Rs20 in the open market since the caretaker government took charge in the centre.

Many experts have urged the government to build market confidence so that the rupee stables, resulting in an improved economy.

The caretaker setup, which has already decided to form a committee for the revival of the economy, has made a strategy to crack down on unauthorised foreign exchange dealers to control the rising dollar value in the open market, The Express Tribune reported.

The decision was taken in a meeting.

Former finance minister Ishaq Dar in a press conference revealed that the dollar was smuggled across the border.