Dollar-Pakistani Currency
Dollar hits record Rs 212 against Pakistani rupee at midday interbanking trading
The US Dollar set a new record against the Pakistani rupee on Tuesday as it rose to touch Rs 212 during early morning trading in the interbank market.
According to the Forex Association of Pakistan (FAP), the rupee depreciated by over Rs2 to reach an all-time low of Rs212 against the dollar from Monday's close of Rs209.96, reported Dawn News.
According to Mettis Global — a web-based financial data and analytics portal — the rupee has incurred a colossal loss of Rs6.4 during five consecutive sessions last week.
Komal Mansoor, head of research at Tresmark, told Dawn.com that it seemed as if the country was now completely relying on an IMF bailout.
"There is some support for the rupee around the current 211 level, but we see a gradual depreciation of rupee on a daily basis till such time that the IMF staff-level agreement is signed," she said.
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