Pakistani rupee further depreciates against US dollar

LAHORE - The Pakistani rupee depreciated by Rs0.53 in the interbank market today (Thursday).

Dollar is being traded at Rs152.10 following the devaluation of rupee.

According to media reports, the greenback gained by Rs1.85 in the interbank market with one dollar trading for Rs 151.95.Pakistani rupee has witnessed instability in the interbank and open market during the last few weeks.

The report came hours before the government presented budget proposals for the next financial year.

The rupee had registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a "market-determined rate" for the Pakistani currency.

Since past two weeks, the rupee lost 3.74% against the dollar in the interbank market, with the Currency cumulatively losing 37.45 since January 2018. The US dollar then slipped below Rs150 the following week after witnessing record highs.

Last week, it continued to slide by losing more than 5% in the wake of a $6 billion loan accord with the IMF.

According to experts, the government must ensure implementations on economic policies after the deal with the IMF. It is anticipated that the US dollar rate will fluctuate for some time, and the value of the Pakistani rupee will be stabilized after continuation of the economic policies.