Pakistani Rupee faces massive blow against US dollar

Pakistani Rupee faces massive blow against US dollar

KARACHI – Pakistani rupee’s freefall against the US dollar continued in the interbank market on Wednesday as the local currency further depreciated by more than Rs3.15

The Pakistani rupee registered a decline during the opening hours of the trading session. During intra-day trading, the rupee was being quoted at 265, a decrease of Rs3.15.

The rupee ended its upward trajectory against the greenback on Tuesday, settling at 261.5 after a depreciation of 0.60 percent in the inter-bank market.

The rupee remained under pressure against the dollar amid ongoing political instability and extended delay in the release of IMF funds. Officials expect inflation to remain high in the days to come following a sharp rise in energy prices, and an surge in prices of basic commodities.