USD to PKR: Pakistani rupee declines against dollar in inter-bank market

KARACHI – Pakistani rupee plummeted against the US dollar, depreciating during the early hours of trading in the inter-bank market on the first working day.

During the intra-day trading, the local currency was being quoted at 283.50, a decline of Re0.3 against the US dollar in the inter-bank market.

In the previous week, the local currency plunged 0.53pc against the greenback to settle at 283.2 in the inter-bank market.

Rupee continued its roller coaster ride in wake of the stalled programme with the International Monetary Fund (IMF) while the government is making all-out efforts to unlock much-needed fundings.

Pakistan’s Finance Chief Ishaq Dar lately claimed that friendly nations were expected to support the South Asian nation that would pave the way to close the deal with the global lender.

More to follow...