Monday, August 15, 2022

Pakistani rupee further weakens against US dollar

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KARACHI: The Pakistani rupee depreciated further by Rs0.85 against the US dollar in the interbank market on Tuesday amid budget uncertainties as matters with the International Monetary Fund (IMF) are yet to be finalised.

According to forex dealers, the US dollar rose by Rs2.93 to 202.99 against the rupee during intraday trading.

“The US dollar in open market is trading between Rs202 and Rs207,” they said.

The greenback gained Rs2.25 and closed at Rs200.06 in the interbank market the other day, according to State Bank of Pakistan (SBP).

Today is the third consecutive session that the dollar has continued its ascent against the rupee after snapping the local currency’s five-day winning streak on Friday.

According to experts, the resumption of the IMF programme is a must to stabilize foreign exchange reserves.

On May 19, the dollar had reached a record high of Rs200 for the first time in interbank market.

The respite for the rupee had come only after the government had increased the fuel prices by a whopping Rs30 a litre, paving the way for the release of a $1 billion tranche from the International Monetary Fund.

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