KARACHI – The Pakistani rupee resumed its depreciation in the interbank market on Wednesday as the rising demand for US dollar kept the local currency under pressure.
In early trading session, the greenback strengthened by 50 paisas to reach Rs299.51 against the rupee with experts believing that the South Asian nation currency would cross the Rs300-mark to dip to fresh all-time low.
The continuous free fall of rupee is narrowing gap between the interbank and open mark rates, one of the conditions laid forth by the International Monetary Fund (IMF) for its bailout package.
The Pakistan rupee is also under pressure in the open market due to high demand of dollar.
Data shared by the State Bank of Pakistan on Tuesday suggested that PKR moved down by Rs1.87 against the US dollar and settled at Rs299 in the interbank.
One of the major reasons in the rupee’s slide is the recently lifted restrictions on import, which were placed last year due to shrinking foreign exchange reserves.
