The Pakistani rupee continued to lose its value for the tenth consecutive session, falling by Rs0.68 against the US dollar in interbank market on Thursday. According to Forex Association of Pakistan (FAP), the local currency was trading at Rs235 against the dollar in interbank market after losing Rs0.68 during intraday trading. The association noted that the banks were selling dollar at Rs236. In the open market, the greenback was being traded at Rs238 to Rs240, the FAP added. In the last nine consecutive trading sessions, the Pakistani rupee fell by 6.9 percent, or Rs15.77, against the greenback. A day earlier, the local currency continued its losing streak against the US Dollar for the ninth consecutive working day, falling by Rs2.40 in the interbank market. According to the State Bank of Pakistan (SBP), the local currency closed at Rs234.32 per dollar. The PKR’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).

Credit: Independent News Pakistan-INP