KARACHI – Pakistani rupee plunged drastically to approach an all-time low, week after currency exchangers lifted a cap on the rupee-dollar rate.
On Monday, the greenback was being quoted at 272 during intra-day trading with depreciation of Rs7. Exchange Companies Association of Pakistan told media that rupee slumped by nearly 15 percent or Rs36 in last three days, compared to last week when it was closed at Rs230.89.
The losing streak of the rupee was contained as the federal government ended its control on its price following stern directions from International Monetary Fund (IMF) officials to revive the $7 billion loan programme.
Meanwhile, finance pundits have sounded the alarm for investors that the rupee is expected to plunge further against the US dollar unless the inflow of foreign currency improves.
More to follow…
