KARACHI – US dollar continues to gain momentum against the Pakistani rupee in the inter-bank market on the first working day of the week.
During intra-day trading, the dollar was being traded at 288, as rupee sheds over Rs1.50.
Last week, the embattled rupee suffered back-to-back losses against the greenback as it slides down and was settled at 286.81 on Friday.
Money market pundits linked the downward trajectory of the rupee with a knee-jerk reaction as the government revoked several import restrictions on IMF demands, and the pressure stays on the rupee.
Rupee is expected to show gradual depreciation as the backlog created due to import curbs is now cleared.
More to follow…
