Pakistani rupee continues to tumble low against US dollar

(photos online)

KARACHI: The Pakistani rupee continued to suffer drubbing at the hands of the US dollar as the greenback on Thursday.

As the trade started in the money market today, the US currency kept its dominance on the local unit. The USD quickly gained 43 paisas in its value and was traded at Rs 230.10.

According to the Forex Dealers Association, the dollar is seeing an increase in value since this morning, the dollar is trading at the level of Rs 285 rupees after an increase of Rs. 18.89 paise in the interbank.

Due to the increase in the interbank dollar value, the debt burden has increased by more than Rs 1800 billion. It should be noted that the dollar closed at Rs 266.11 at the end of business yesterday.

On the other hand, economists are citing the increase in the value of the dollar as the reason for the delay in the agreement with the International Monetary Fund (IMF).

According to Mohammad Sohail, Chief Executive of Topline Securities, the delay in receiving funding from the IMF is causing uncertainty in the currency market.

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