KARACHI – The Pakistani rupee continued its downward trend against the US dollar in both interbank and open markets on Thursday due to worsening political and economic situation in the country, which is looking for the IMF loan to relive pressure on local currency.
The rupee was trading at Rs242 in the interbank market during intraday trade after it lost 6.25 against the greenback.
The rupee closed at 236.02 per dollar a day earlier after it witnessed a decline of 1.31 percent during the session.
In the open market, the US dollar has reached 245.
Meanwhile, Federal Finance Minister Miftah Ismail hoped that Pakistan will get funds from IMF in coming weeks, adding that the inflow of dollars will decrease pressure on rupee and strengthen forex reserves.
He said that fears of default are blown up, adding that a police will be chalked out to increase country’s exports in next three months.
Ismail revealed that friendly states were approached to get support to improve forex reserves but they rejected the request by saying that Pakistan never paid off the loan in the past.
Fitch downgrades Pakistan’s outlook to negative amid political, economic instability
