BusinessPakistani Rupee Weakened Against US Dollar

Pakistani Rupee Weakened Against US Dollar

KARACHI: Pakistani rupee on Tuesday further weakened in the interbank market, closing at 202.83 against the US dollar.

Amid budget reservations as matters with the International Monetary Fund (IMF) are yet to be concluded.

This is the bottommost closing of the Pakistani rupee in contradiction of the greenback in the history of Pakistan

Throughout the session, the rupee continued under pressure and even hit the 204 level before making a retrieval.

Meanwhile, the dollar is being sold at between Rs203 to 207 in the open market.

Today is the third successive session that the dollar has sustained its climb against the rupee.

After breaking the local currency’s five-day winning streak on Friday.

Rendering to experts, the recommencement of the IMF program is a must to steady foreign exchange reserves.

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

The interval for the rupee had come only after the government had increased the fuel prices by a enormous Rs30 a liter.

Concrete the way for the release of a $1 billion tranche from the International Monetary Fund.

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