Rupee decline continues against US dollar

KARACHI: No respite for falling Pakistani currency as the rupee continued to decline against US dollar amid lingering talks with International Monetary Fund (IMF), ARY News reported.

According to forex dealers, the US dollar continued gaining against the Pakistani rupee as the value of the greenback surged by Rs1.36 on Wednesday.

The US dollar closed at Rs190.02 against local currency in the interbank market, hitting an all-time high. The domestic currency also lost ground in the open market and traded above Rs190 in the open market.

The dollar has appreciated by Rs3.48 in the interbank market since May 1.

The US dollar on the other day closed at Rs188.66 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/Sm3ZeEIgfY pic.twitter.com/afuesryKui

— SBP (@StateBank_Pak) May 10, 2022

According to experts, the surging dollar has shattered the confidence of rupee-based economy and its stakeholders.

The gloomy macros will continue to put pressure on the local unit, they said.