KARACHI – US dollar rises against Pakistani currency in interbank market.
The Pakistani currency, on the back of deteriorating macroeconomic indicators, continues to lose ground and cumulatively depreciate against the US dollar.
The rupee further lost its value by 13 paisa against the US dollar at the early trade hours on Thursday and hit Rs159.95 in the interbank market.
Yesterday, the rupee recovered 23 paisa against the dollar in the interbank.
On Monday and Tuesday, the local currency lost its value by Rs1.71 against the greenback in the interbank market, which in consequence raised Pakistan’s external debt.
On last Friday, the rupee closed at Rs158.79 in the interbank market.
Despite after receiving the first tranche of $991.4 million from the International Monetary Fund (IMF), the Pakistani rupee has been observed to continue its downward trend against the US dollar.