KARACHI – Pakistani rupee lost its ground against the dollar in the interbank market on the first working day of the week.
During the intra-day trading, the local currency depreciated by 0.7 percent and was quoted at 283.70, with a fresh dip of Rs1.99 against the greenback.
Last week, PKR witnessed slight depreciation but it recovered to settle at 281.71 against the US dollar after inflows from China.
Investor’s confidence is dented in recent times as the south asian nation is awaiting a bailout package of $1.1 billion from the IMF, which has been delayed since November.
Amid the delay, Pakistani currency plunged drastically as Sharif led government struggles to persuade the global lender to resume funds.
Inflation has also skyrocketed with food and fuel prices remaining beyond the means of many citizens.
