Karachi: The Pakistan rupee dropped to historic low in the open currencymarket on Friday, trading as high as 250 against the dollar.
Import payment pressure, deepening political crisis, the delay in theInternational Monetary Fund’s loan disbursement, and the depleting foreignreserves were reasons for the local unit’s plunge.
According to data shared by the Forex Association of Pakistan (FAP), therupee was trading at 250 against the greenback at 1:10pm but then recoveredslightly to reach 247 by 4:20pm.
However, the local currency made small gains in the interbank after nearlytwo weeks of consistent decline in consecutive sessions.
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According to the State Bank of Pakistan (SBP), the rupee closed at 239.37in the interbank, up Rs0.57, or 0.24 per cent, compared to yesterday.
However, the FAP handout showed the rupee closed at 240 in the interbankmarket.
