By Ahmed Mukhtar Naqshbandi
ISLAMABAD/KARACHI: Pakistani rupee continued to lose its value against the US dollar in the interbank market on Monday as it is being traded at an all-time low of 270 against the dollar.
The rupee had closed at a record low of Rs262.6 on Friday, fell Rs 6.5 to a dollar or 2.32 percent on Monday, as per the Exchange Companies Association of Pakistan (ECAP).
The fresh spell of depreciation came after the Shehbaz government lifted its control on its price in order to woo the International Monetary Fund officials for reviving the $7 billion loan program.
With the latest drop, the domestic currency has cumulatively slumped by nearly 14 percent or Rs36 in three days, compared to Wednesday’s close of Rs230.89 to a dollar, data by the State Bank of Pakistan suggests.
Rupee may lose value to 275 against US dollar
In over two hours of Monday’s trading session, the rupee hit an intra-day low of Rs264 during the day, according to the Exchange Companies Association of Pakistan. The Association has said that most analysts are of the view that the rupee will weaken to 275, and then consolidate towards the 270 level as IMF approves the program.
