The Pakistani rupee continued to decline on Friday, losing about Rs12 to the US dollar in the interbank market as the government loosens control over the currency in a bid to convince the International Monetary Fund (IMF) to release a delayed loan tranche.
The local currency moved up from Thursday’s interbank market close of Rs255.43 to Rs268.30 on Friday.
In response to an important demand from the IMF as part of a bailout deal put in place in 2018, forex providers loosened a cap on currency rates, which has caused the dollar to rise by Rs30.41 on the interbank market since Thursday.
The rupee decreased by Rs3 from the previous day to 265 to the dollar in the open market, according to the ECAP’s currency rates.
