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Rupee continues to lose value, sheds 40 paisas

Rupee continues to lose value, sheds 40 paisas

KARACHI: The US dollar strengthened against Pakistani rupee in inter-bank and open market on last day of trading on Friday.

As per details, the US dollar strengthened 35 paisas to reach 102.5 in open market and 40 paisas to reach 102.2 in inter-bank market against Pakistani rupee.

On Thursday, however, Pakistani rupee weakened 15 paisas to reach 102.15 in open market and 10 paisas to reach 101.8 in inter-bank against US dollar.

Financial Analysts were of the view that against the backdrop of dwindling foreign exchange reserves, it is difficult for the government to bring the dollar back at Rs 98.

Many Bankers said the situation has changed now as the government is facing two challenges simultaneously: sit-ins and flash floods. It is better to persuade exporters instead of pumping dollars in the market at a point when the reserves of private banks have also started falling.

Traders, while talking to Customs Today, said that Imran Khan, because of his rigidity, is heading towards a disastrous end, putting economy of country at risk. However, one believes that despite his poor show of Azadi March and disappointing behavior towards all except those who support him, Khan still has one good chance to secure his and his party’s future along with securing the drowning markets of stock and currency.