Pakistani Rupee declines further against US dollar in interbank market
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KARACHI – Pakistani rupee remained under pressure against the US dollar, depreciating 0.14 percent in the interbank market on the first working day of the week.
During the trading, the local currency recorded marginal losses against the greenback. PKR was hovering at 284.8, with a decline of Rs0.4.
Last week, the Pakistani rupee further plunged 0.09pc against the US dollar in wake of the ongoing economic crisis.
The development comes as reserves held by State Bank further plunged at less than one month of import cover, underscoring the need for resumption of the programme.
Earlier, inflow from Saudi Arabia and UAE affected market sentiment but all eyes are on the IMF bailout package as the country is facing the worst economic crisis in recent memory.
