Dollar continues upward trend; crosses Rs210 mark in interbank

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Dollar continues upward trend; crosses Rs210 mark in interbank

Islamabad: Continuing its upward trend, the US dollar crossed the 210 mark against the Pakistani rupee in the interbank during the intra-day trading on Monday.

The free fall of the Pakistani rupee continues as the uncertainty persists regarding the revival of the stalled IMF programme and the foreign exchange reserves depleting with each passing day.

Read: Foreign exchange reserves of Pakistan drop by $233 million: SBP

On Monday, the local currency dropped significantly by Rs2.55 to an all-time low of Rs210.3 against the dollar from Friday’s close of Rs207.75, according to the Forex Association of Pakistan (FAP).

According to the data released by the State Bank of Pakistan (SBP), the foreign exchange reserves held by Pakistan fell by $233 million as of June 10. The total reserves held by the country fell from $15.1 billion on June 3 to $14.9 billion on June 10, the data showed.

Experts believe that an announcement from the IMF regarding the revival of the loan programme or updates on inflows from China could help stabilise the exchange rate, averting the continuous pressure on the Pakistani rupee.

Read: Depleting SBP reserves a ticking bomb | By Farrukh Saleem

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