KARACHI – Pakistani rupee plunged drastically to approach an all-time low against the US dollar during the opening hours of the trading session on Thursday.
During the intra-day trading, the rupee was being quoted at 283, a decrease of Rs14.89, against the greenback.
The recent development comes on the heels of further monetary tightening to control inflation at the central bank’s emergency Monetary Policy Committee meeting which is due today.
On Wednesday, the local currency witnessed depreciation against the dollar, settling at 266.11.
Experts claim the recent depreciation of the local currency is part of a market correction as IMF demanded to end the significant gap in rates between the open and inter-bank market.
Investor sentiment was also dented amid economic uncertainty due to delay in International Monetary Fund (IMF) funds.
More to follow…
