Rupee plumbs new lows against dollar

By Staff Reporter

ISLAMABAD: The Pakistani rupee continued to sink to new lows against the greenback, reaching PKR 239.64/USD against the previous day’s close of PKR 236.02/USD. In the open market, the greenback was trading at PKR 239 and PKR 241.59 a unit.

According to the Forex Association of Pakistan (FAP), the rupee lost 4.48, or 1.89 per cent, compared to yesterday’s close of PKR 236.02/USD by 12:03pm.

Pakistan is under an obligation not to intervene in the forex market as part of and understanding with the International Monetary Fund (IMF) to free-float the currency, reached on the watch of former Prime Minister Imran Khan.