US dollar surges by Rs6.50 against PKR in interbank market

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US dollar surges by Rs6.50 against PKR in interbank market
The Pakistani rupee continued to lose its value on Monday, trading at an all-time low of 270 against the dollar in the interbank market.

The local currency, which had closed at a record low of Rs262.6 on Friday, fell Rs6.5 to a dollar or 2.32% today, according to the Exchange Companies Association of Pakistan (ECAP).

The current spell of depreciation came after the coalition government ended its control on its price in order to woo the International Monetary Fund (IMF) officials to revive the $7 billion loan programme.

With the latest drop, the domestic currency has cumulatively slumped by nearly 14% or Rs36 in the three days, compared to Wednesday’s close of Rs230.89 to a dollar, according to the State Bank of Pakistan (SBP) data.

In over two hours of today's trading session, the currency hit an intra-day low of Rs270 during the day, according to the Exchange Companies Association of Pakistan (ECAP).

Meanwhile, the association reported that the currency was changing hand with dollar at 272 in the open market.

 

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