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Friday, November 15, 2024

Home Pakistan Pakistani rupee loses ground against dollar for seventh day in a row

Pakistani rupee loses ground against dollar for seventh day in a row

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KARACHI – Pakistani rupee continues its negative trajectory for the seventh successive session against the US dollar.

Data shared by the State Bank of Pakistan shows the embattled rupee moved down by Rs1.11 and settled at 287.92 on Monday.

Rupee was slated to bounce back after IMF Stand-by Agreement but the local currency plunged by Rs11.46 against the greenback, which accounts for 4 percent of its value.

Interbank closing #ExchangeRate for today https://t.co/ppkjgCQUMw #SBPExchangeRate pic.twitter.com/9DDXUywkIe

— SBP (@StateBank_Pak) July 24, 2023

Monday’s drop was the seventh blow to the rupee as International Monetary Fund (IMF) deal faded. The downward trajectory in the inter-bank market further limits the gap with rates in the open market.

Experts flagged the removal of import restrictions as the main reason behind the pressure on the rupee.