Rupee slumps against US dollar in interbank

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rupee US dollar

Islamabad: Continuing the losing streak in the ninth session as well, fueled by the destruction caused by devastating floods, the Pakistani rupee slumped against the US dollar in the interbank market on Wednesday.

The State Bank of Pakistan said that at the end of today’s session, the local currency depreciated by 1.02% or Rs2.4 to close at Rs234.32 against the US dollar.

The fall continues despite receiving $1.16 billion from the IMF.

Analysts say that the rupee “tumbled on the back of high inflation reading from the United States which bolstered the dollar in the international currency markets”.

Remittance inflow rises 7.9% month-on-month in August FY23

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