The Pakistani rupee continued to lose its worth on Monday, buying and selling at an all-time low of 270 in opposition to the greenback within the interbank market.
The native foreign money, which had closed at a document low of Rs262.6 on Friday, fell Rs6.5 to a greenback or 2.32% right now, in keeping with the Alternate Corporations Affiliation of Pakistan (ECAP).
The present spell of depreciation got here after the coalition authorities ended its management on its worth with the intention to woo the International Monetary Fund (IMF) officers to revive the $7 billion mortgage programme.
With the newest drop, the home foreign money has cumulatively slumped by practically 14% or Rs36 within the three days, in comparison with Wednesday’s shut of Rs230.89 to a greenback, in keeping with the State Financial institution of Pakistan (SBP) knowledge.
In over two hours of right now’s buying and selling session, the foreign money hit an intra-day low of Rs270 through the day, in keeping with the Alternate Corporations Affiliation of Pakistan (ECAP).
In the meantime, the affiliation reported that the foreign money was altering hand with greenback at 272 within the open market.