PKR loses significant ground against USD in interbank

KARACHI: The Pakistani rupee fell by Rs3.02 against the US dollar in the interbank market on Tuesday, ARY News reported quoting SBP.

According to the central bank, the local currency closed at Rs291.51 during today’s trading from the previous close of Rs288.49.

The dollar was trading for Rs300 in the open market, according to Exchange Companies Association of Pakistan.

Khurram Schehzad, CEO of the Alpha Beta Core financial advisory firm, said that the rupee’s depreciation was “expected”.

He said that the rupee was determined to lose ground in the wake of the government’s decision to remove all restrictions on imports.

The caretaker set-up also had an effect on the dollar rate, Schehzad added.

It is pertinent to mention here that under the $3 billion standby arrangement signed with the IMF, the previous coalition government agreed to maintain a single currency rate in both interbank and open markets.