Rupee down against US dollar, plunged to two month low of Rs126

KARACHI: The Pakistani rupee showed turn down, as it plunged to two months low in the open market on Friday, traded at Rs 126 against US dollar.

According to sources, dealers supposed that such decline is the result of news that International Monetary Fund (IMF) had recommended further downgrading of the rupee.

The Pakistani rupee closed trading on Friday from the range of Rs126.10-Rs126.80 against the US dollar in the open market, as compared to Thursday where it had closed at the range of Rs125.50-Rs125.80.

According to the State Bank of Pakistan (SBP), the Pakistani rupee has maintained its steadiness in the inter-bank market against the US dollar, as it was traded at Rs124.24.

It is observed that Pakistani rupee has stayed below Rs126, since the end of July when its rate elevated against US dollar, it was basically the result of the news of victory of Pakistan Tehreek-e-Insaf (PTI) in general elections 2018.

According to Malik Bostan, President Pakistan Forex Association, the rupee usually drops its value against US dollar whenever Pakistan holds talks with the IMF.

The IMF delegation arrived in Pakistan on Thursday, in order to demeanor meetings government to evaluate the country’s economic performance.