KARACHI – Pakistani rupee plunged drastically to approach an all-time lowagainst the US dollar during the opening hours of the trading session onThursday.
During the intra-day trading, the rupee was being quoted at 283, a decreaseof Rs14.89, against the greenback.
The recent development comes on the heels of further monetary tightening tocontrol inflation at the central bank’s emergency Monetary Policy Committeemeeting which is due today.
On Wednesday, the local currency witnessed depreciation against the dollar,settling at 266.11.
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Experts claim the recent depreciation of the local currency is part of amarket correction as IMF demanded to end the significant gap in ratesbetween the open and inter-bank market.
Investor sentiment was also dented amid economic uncertainty due to delayin International Monetary Fund (IMF) funds.
