Rupee continues downward trajectory against dollar

USD PKR interbank

Pakistan’s rupee witnessed its value going down by 40 paisas for the sixth consecutive day against the US dollar during early trading in the interbank market on Monday, owing to the depleting foreign exchange reserves of the country.

The last working day of the week saw rupee’s rate plummeting by three paisas to Rs224.40 from Thursday’s traded value of Rs224.37 in the interbank market.

Meanwhile, on Wednesday, the spot rate of rupee was found to be at Rs224.16 from the previous value of Rs224.11 on Tuesday. In defense of the economic situation, the Federal Finance Minister Ishaq Dar on Saturday stated that the value of rupee was devalued irresponsibly in the past too, which has created the current situation.

However, dismissing the opposition parties’ accusations, Dar stated that the country will not default, despite the fact that the country is not in the state of bearing any further experiments, and that we must work hard and focus on improving Pakistan’s macroeconomic statistics.INP