The Pakistani currency continued to depreciate, albeit relatively modestly, on Monday, with the rupee losing momentum last week. It lost Rs 0.46 during intra-day trading in the interbank market.
After closing the week at Rs 218.45 on Friday, the rupee depreciated by another 46 paise and fell to Rs 218.89 interbank on Monday.
According to data released by the State Bank of Pakistan (SBP), the rupee depreciated by 0.21 percent on Monday.
It was the fourth day in a row that the rupee depreciated against the US dollar, ending an 18-day winning streak, following Ishaq Dar’s trip to the US for the IMF’s annual meeting on Wednesday.
Open Currency Market
In the open market, the rupee further extended its losses, as it fell to around Rs 1.60 against the US dollar.
The rupee fell to Rs 224.50 from Rs 223.50.
Earlier, Federal Finance Minister Senator Ishaq Dar had said that according to him, the real value of one American dollar should be less than 200 rupees.
Dar explained that the main reason for the rupee falling to its all-time low was political instability in the country. At its lowest level since the end of July, the rupee had hit an all-time low of Rs 239.94.
