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Pak Rupee plunges by Rs2 against dollar in interbank

According to a currency dealer, the dollar has been strengthening globally

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Pak Rupee plunges by Rs2 against dollar in interbank
GNN Media: Representational Photo

Karachi: The rupee lost Rs2 in the interbank market on Thursday, closing at Rs225.42 per dollar -- a depreciation of 0.89 per cent.

According to the State Bank of Pakistan (SBP, the local unit lost Rs2 against the greenback. On the other hand, Rupee was Rs8 costlier in the open market today.

According to a currency dealer, the dollar had been strengthening globally, having gained against 40 currencies for weeks, and its impact was being seen in Pakistan’s currency market as well.

According to analyists, if Pakistan receives promised $4 billion from friendly countries immediately, the pressure on the rupee would be alleviated and help stabilise its value.

 

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