The Rupee depreciated by 0.08 percent, or roughly 18 paisas, and closed at Rs. 225.82 to a dollar. An intraday low of 226.785 was reported against the greenback before close of trade.
The Pak Rupee continued to be all red against the dollar for fifth day in a row. Trade opened at Rs. 225.75 to a dollar in the open market. By midday, the dollar inched lower against the rupee, but after 1pm local time, the Rupee dropped and stayed on the 226 level against the dollar. Then the Rupee went back to the 225 level at the interbank close.
The Pak Rupee reported this nominal loss against the US Dollar today, the fifth day in a row, as informal rates hovered above Rs. 250 per dollar. Today’s drop comes with cheap politics, bad governance and external pressures roiling markets at home.
The International Monetary Fund (IMF) has coaxed Pakistan to allow its currency to regain its true value, amid tighter currency controls that have created a black market for dollars while also inhibiting foreign inflows through traditional banking and investment channels.
However, the PDM coalition government has refused, claiming that the State Bank of Pakistan (SBP) was not going to dump scarce dollars into the interbank market.