The US dollar on Thursday continued its upward journey as the greenback appreciated by 12 paisas against the Pakistani rupee as the dealers took positions in the interbank trading. According to the forex dealers in the interbank market, the Pakistani rupee suffered a 12-paisa depreciation during the early trading activity. At the moment, the US dollar was trading at Rs218.50. On Wednesday, the greenback ended the day at 218.38, up by 72 paisas. The ongoing political uncertainty is another factor that keeps dragging the local currency down. The sky-high inflation in the country, rising trade deficit, and falling foreign exchange reserves are putting extreme pressure on the local currency. The IMF tranche which is expected to reach Pakistan by the end-month is likely to give a much-needed boost to our economy and revive confidence in the value of the Pakistani rupee.

Credit:
Independent News Pakistan-INP