USD to PKR: Rupee loses Rs2.12 against dollar in interbank market amid economic uncertainty

KARACHI – The exchange rate of the Pakistani rupee depreciated by Rs 2.12 against the US dollar in the inter-bank trading on Monday.

During intra-day trading, the local currency registered losses against the US dollar, depreciating 0.75 percent. The rupee was quoted at 283.83 with a loss of Rs2.12 on the first working day.

Last week, the Pakistani rupee faced blows on the final two days as it settled at 281.71. The rupee moved slightly upward after loan inflows from Chinese banks but investors are perplexed over the delay in the IMF program.

The country of over 220 million is facing the worst economic crisis and is in desperate need of a bailout package from the International Monetary Fund (IMF), which has been delayed since last year.

Pakistan receives another tranche of $500 million from China