ISLAMABAD – The preconditions placed by the International Monetary Fund(IMF) to release next tranche of loan to Pakistan have baneful effect onlocal currency as it continued to lose ground against the US dollar onMonday after facing historic nosedive in previous week.
In the interbank market, the US dollar strengthened by Rs7.03 against rupeeto close at Rs269.63 on the first day of the new trading week.
Taking to Twitter, the State Bank of Pakistan (SBP) on Monday said that therupee depreciated by -2.61% as compared to Saturday when the value of theUS dollar was Rs262.60. In the open market, the greenback was being quotedat 272.
Last week, the rupee lost a cumulative Rs32.45, with facing huge dip onThursday and Friday soon after the government allowed free floating of thecurrency exchange rate in line with the IMF conditions to revive the $7billion loan programme.
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Meanwhile, finance pundits have sounded the alarm for investors that therupee is expected to plunge further against the US dollar unless the inflowof foreign currency improves.
