KARACHI: The Pakistani rupee continued its downward trend against US dollar in interbank market, plunging to a record low of Rs240 during intraday trading, ARY News reported on Wednesday.
According to the Forex Association of Pakistan (FAP), the Pakistani rupee fell by Rs1.9 during intraday trading in the interbank market, down in value from the previous session’s close of 238.91.
The domestic currency has continued its freefall against the greenback for 14th consecutive working session. The FAP stated that the banks were selling the dollar at Rs241.
Meanwhile, the greenback was being traded at Rs246 to Rs248 in the open market, the association added. Previously, the rupee hit an all-time low of 239.94 on July 28, 2022.
The PKR’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).
A day earlier, the Pakistani rupee’s losses continued for thirteen consecutive sessions as the local currency closed at Rs238.91 against the US dollar in the interbank market.
According to the State Bank of Pakistan (SBP), the Pakistani rupee lost Rs1, or 0.42 percent, compared to yesterday’s close of Rs237.91.
It is pertinent to mention here that the Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in previous week.
Read More: Flight of dollar: FIA directed to crack down on hundi operators
According to a weekly report, the greenback closed at Rs236.84 against the domestic currency, as compared to Rs228.18 at the start of the business week.
from Business News updates - Latest news stories on Economy from Pakistan https://ift.tt/ZHlvEgs
0 Comments