Rupee continues slide against USD, shoots past Rs205

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Pakistani rupee

The Pakistani Rupee traded at Rs205.31 against the US dollar after it shed Rs1.51 in the interbank market on Tuesday.

A day earlier, the PKR had closed at Rs203.85 against the USD. The rupee is in freefall against the greenback for the third consecutive day amid pressure on Pakistan’s foreign exchange reserves due to uncertainty surrounding the revival of the International Monetary Fund (IMF) programme.

The real effective exchange rate (REER) – the value of the rupee against the basket of currencies of foreign trading partners – may have depreciated to around 90 on the index at the current rupee-dollar parity.

 

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