KARACHI: Despite IMF inflows, traders predict that the Pakistani rupee will continue to slide against the dollar in the interbank market the next week because of weak central bank action and the absence of a clear plan to revive the economy.
The local unit, according to the statistics, closed at 219.86 on Monday but dropped further to settle at 228.18 on Friday.
“Emerging currencies have suffered greatly as a result of the US dollar’s appreciation against other major currencies as a result of the Federal Reserve’s constant rate hikes and rising demand for safe haven assets, but investor apprehension has been heightened by the Pakistani rupee’s sharp decline of more than 4% over the past six trading sessions.
