The Rupee Decline against Dollar Continuously as pressure build-up

USD to PKR updates; The Rupee decline against dollar continuously as the local currency remained under pressure in the interbank market.

(Infosette News) KARACHI: As the local currency remained under pressure in the interbank market, the Pakistani rupee’s wild decline versus the US dollar continued.

According to specifics, during intraday activity in the interbank market, the Pakistani Rupee decreased to Rs221.50 versus the US dollar.

Even though Pakistan received a US$1.16 billion loan tranche from the IMF today, the US dollar recorded a marginal gain against the rupee yesterday, continuing its upward trend in the currency market.

Interbank exchange rates for the dollar rose by Rs0.49 to Rs219.47, according to forex traders, while banks were selling it for Rs219.80.

The price of the dollar ranged between Rs225 and Rs227 in the open market.

It is important to note that, one day after the State Bank of Pakistan got a loan tranche from the International Monetary Fund, the rupee suffered a setback on Friday after losing value versus the US dollar in the interbank market (IMF).

The receipt of a $1.16 billion loan tranche from the IMF has been verified by the State Bank of Pakistan on Wednesday.

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