In a primary, rupee surpassed 204 threshold in open market after shedding Rs3 within the open market.
In the meantime, it continued its downward slide in opposition to the US greenback, dropping to an all time low of Rs202.75 within the interbank market throughout intraday commerce on the rising demand for the buck resulting from import funds.
The native forex prolonged its decline because the demand for the rupee is greater in comparison with its provide resulting from import demand which has elevated due to oil funds.
In accordance with the State Financial institution of Pakistan (SBP), the rupee had closed at Rs200.06 on Monday.
Arif Habib Restricted Head of Analysis Tahir Abbas stated the forex is beneath strain resulting from pending oil funds and rising oil costs within the worldwide market.
“The plunge came on the back of a mammoth import bill and widened the current account deficit,” the analyst stated.