KARACHI – Pakistan rupee continues its losing streak to drop to fresh all-time low against the US dollar in early trading session in interbank market on Friday.
At 10:30am, the rupee was trading at Rs300.42, down by 20 paisas from its Thursday’s close of Rs300.22.
In the open market, the greenback is being traded above Rs315 amid fears of crossing the Rs320-mark before the closing of the ongoing business week today.
Amid the uncontrolled free fall, caretaker Finance Minister Shamshad Akhtar has called for designing a strategy to bring the situation under control. The interim setup has reportedly decided to launch a crackdown against unauthorised currency dealers in the country and take measures to stop its smuggling.
A day earlier, data shared by the State Bank of Pakistan showed rupee plunged to a new record low of Rs300.22 against the dollar in interbank market.
After being quoted at 300.75, the rupee settled at 300.22, with a decrease of Re0.58 or 0.19pc, SBP data shows.
The rupee moved down as the crisis hit country revokes all curbs on imports, as earlier Islamabad restricted outflows from its dilapidating foreign reserves. The removal of those curbs started in June this year as a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.
