KARACHI: Pakistan’s rupee on Tuesday continued its losing streak against the US dollar in the interbank as PKR fell by Rs0.56 during intra-day trading.
At around 11:45am, the dollar was trading at 238.47 with PKR’s depreciation of Rs0.56 or 0.23% against the greenback since yesterday.
The Pakistani rupee on Monday lost value against dollar for the 12th straight session to settle at 237.91 in the interbank market as expectation of a bigger import bill adding pressure on the local currency.
The rupee has continued to lose value after receiving the IMF tranche of $1.2 billion at the beginning of September, and has not yet seen a positive session this month.
Experts say the country’s borrowing needs are expected to increase in the wake of massive devastation caused by flash floods, which will also drive up the import bill.
