KARACHI: The Pakistani rupee’s wild decline against the US dollar resumed on Friday, and a number of different factors continued to put pressure on the local currency in the interbank market.
The rupee increased from yesterday’s finish of 219.41 to 220.6 versus the dollar after losing 1.25 or 0.57%, continuing its week-long weakening trend.The local currency fell in each of the five trading sessions for the week ending August 26, losing a total of 6.01 versus the US dollar.
The rupee will continue to decline, according to analysts and experts, until the International Monetary Fund (IMF) distributes Pakistan’s $1.17 billion tranche during its executive board meeting on August 29.
