The US dollar has hammered the Pakistani rupee again in the interbank market as the IMF loan deal euphoria is seemed to be over. According to the data obtained from the forex dealers, the local currency plunged by 0.6 percent against the greenback in the interbank trading, suffering a loss of Rs1.70. At the moment, the US dollar was being traded at Rs281.50. On Monday, the Pakistani currency had weakened as well, sinking by 0.68% to settle at 279.80 in the interbank market.

 In a key development, the federal government on Monday said relaxation on retiring of Letters of Credit (LCs), recently announced by the State Bank of Pakistan (SBP), are not unrestrained as LCs will only be honoured if sufficient inflows of dollars come in the country. Separately, Fitch Ratings on Monday upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC-’ as the country managed to clinch a last-minute staff-level agreement with the International Monetary Fund (IMF).

Credit : Independent News Pakistan-INP