Pakistani Rupee losses value against US dollar yet again
LAHORE - The Pakistani rupee has faced yet another blow against US dollar and Rupee came under pressure and lost value.
Pakistani rupee plunged to Rs1.20 against the dollar on Monday morning as it was being traded between a range of Rs133.20-133.63.
According to local media reports, the rupee was trading at Rs131.83 against the greenback on Monday in the open market.
The KSE-100 index plunged 539.25 points in first 1.5 hours of intra-day trading on Monday to below 37,000 points to trade at 36,978.68 points.
On Friday, the rupee had regained a further Rs1.87 or 1.4% against the dollar in inter-bank trading to close at Rs131.9318.
Inter-bank trading exhibited a volatile trend as the rupee strengthened by Rs1.40 against the greenback, as it regained its value from an all-time low of Rs133.6431 touched on Tuesday.
This is the fifth devaluation of the rupee since December 2017, which has seen the local currency losing a cumulative 27% of its value against the greenback.