The Pakistani rupee lost its steam against the US dollar and slumpedheavily during the interbank trading on Monday.
According to the State Bank of Pakistan, the market saw a wilting ofPakistani rupee as the US dollar stormed ahead appreciating by Rs2.32 inthe interbank trading and ended the day at Rs284.71.
On Friday, the last trading day of the previous week, Pakistani rupee sawsome respite against the US dollar as it went up by 71 paisas in theinterbank trading.
According to economic experts, the market shows little confidence in thestability of rupee owing to political instability in the country, depletingforex reserves and delayed disbursement of IMF tranche.
Read Top Stories
Though the cash-starved country has completed all prior actions demanded bythe global lender for reaching the staff-level agreement, but still it isnot releasing the $1.2 billion disbursement that will also unlock theassistance from friendly countries.
The IMF has been pushing Pakistan to implement economic reforms and tightenits fiscal policies in exchange for the loan, but this has proved to be adifficult task for the government.
