The US dollar continued to set new records against the local currency on Tuesday during morning trade at the interbank market.
According to the Forex Association of Pakistan (FAP), the rupee depreciated by Re 1 against the dollar from Monday’s closing level of Rs 209.96 to hit an all-time low of Rs 211. tomorrow, greenback is appreciated Bullish up to Rs 1.21 – a trend that has persisted for over a week now.
According to target global The web-based financial data and analytics portal Rupee has suffered a massive loss of Rs 6.4 during five consecutive sessions last week.
Tresmark’s Head of Research Komal Mansoor said don.com It seemed that the country was now completely dependent on IMF bailouts.
“There is some support for the rupee around the current 211 levels, but we see a gradual depreciation of the rupee on a daily basis till the signing of the IMF staff-level agreement,” he said.
more to follow