The rupee’s slide against the dollar continued unabated on Thursday, with the local currency falling to Rs226 in the interbank market, with watchers attributing the losses to political “chaos” and a greenback that is strengthening against other currencies as well. The rupee had closed at Rs224.92 on Wednesday.
When the session opened on Thursday, the local currency depreciated Rs2.08 to 227 against the greenback by 10:57am, according to the Foreign Exchange Association of Pakistan (FAP). However, the rupee made a nominal recovery to close at Rs226.81, depreciating 0.83pc from Wednesday’s close.
The rupee appreciated to 204.56 in the first week of July after touching 211.93 on June 22. It kept losing its value against the dollar but registered a minor appreciation when the country reached its staff-level agreement with the IMF on July 15. It has continued to fall in every session since then.
