In early trading on Monday, the rupee plummeted to a historic 210.3 to a dollar in the interbank market.
By Staff Reporter
KARACHI: In spite of the tough calls made by the coalition government to put Pakistan’s beleaguered economy back on the rails, the US dollar continued its ascent against the rupee Monday, rising above PKR 210 against the local currency during early morning trade in the interbank market.
According to the Forex Association of Pakistan (FAP), the rupee depreciated sharply by PKR 2.55 to hit an all-time low of PKR 210.3 against the dollar from Friday’s close of PKR 207.75. In the open market, the greenback was trading at PKR 212 as of 10:30 am.
In other developments, local traders calling on the central bank to control buttress the nosediving rupee against the dollar.
Analysts say the markets are jittery over the uncertainty over the revival of a stalled International Monetary Fund (IMF) bailout programme. This is putting pressure on the local currency.
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