Regardless of the financing of $500million from the Asian Infrastructure Investment Bank (AIIB), Pakistani rupee still failed to hold the ground against the US dollar during early morning trading in the interbank market. Following two consecutive days of stability, the Pakistani rupee reverted to its current spot rate of Rs224.11 during trading in the interbank market. The value of the Pakistan rupee remained unchanged since Monday afternoon, settling at Rs223.95, with a zero change in value against the greenback. Last week, the rupee’s spot rate dropped by two paisas on Friday. The rupee’s current depreciation run against the US dollar began on Wednesday, after experiencing a brief upswing the day before. With economic instability, the rupee has lost value in five consecutive sessions in the interbank market, but has managed to remain in the Rs223 range. In the open currency market, the value of rupee increased from Rs231 to Rs231.50, respectively.

Credit: Independent News Pakistan-INP