The US dollar appreciated by more than Rs2 in the interbank market on Monday to cross the Rs200 mark, with analysts forecasting that the rupee would continue to fall as outflows for oil payments and other imports persist while matters with the International Monetary Fund are yet to be finalised.
According to the Forex Association of Pakistan, the greenback gained Rs2.25 to reach Rs200.40 against the previous close of Rs198.15. In the open market, the value of the dollar had risen to Rs200 at noon.
The rupee’s slide against the dollar began early in the session Monday, following which FAP Chairperson Malik Bostan and Exchange Companies Association of Pakistan General Secretary Zafar Paracha pointed out that the greenback’s demand had risen on account of oil payments that were to be made yesterday.
