ISLAMABAD – Pakistani rupee on Tuesday depreciated against the US dollar amid uncertainty over delay in International Monetary Fund (IMF) bailout funds and ahead of a State Bank monitory policy meeting.
During the intra-day trading, the local currency registered a significant loss against the greenback and was hovering at a record low of 287.90, with a decrease of Rs2.86.
On Monday, PKR lost ground against the US dollar, closing at 285.04 in the inter-bank market with a decline of Rs1.25.
Finance experts suggest that the resumption of IMF programme will improve the situation as crisis in South Asian nations worsened in recent days. Pakistan’s forex reserves also declined further.
More to follow…
