KARACHI: Pakistani rupee on Tuesday further weakened in the interbank market, closing at 202.83 against the US dollar amid budget uncertainties as matters with the International Monetary Fund (IMF) are yet to be finalised.
This is the lowest closing of the Pakistani rupee against the greenback in the history of Pakistan
During the session, the rupee remained under pressure and even hit the 204 level before making a recovery.
Interbank closing #ExchangeRate for todayhttps://t.co/5h4viArShY pic.twitter.com/ASL46v8LTE
— SBP (@StateBank_Pak) June 7, 2022
Meanwhile, the dollar is being sold at between Rs203 to 207 in the open market.
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.
