With fresh gains, unstoppable US dollar continues march against rupee

Greenback gains another Rs1.07 in interbank market, cumulative gains over past fortnight rises to Rs19
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file

The Pakistani rupee continued to lose ground against the US dollar on Monday as the latter gained another Rs1.07 in value to rise to Rs237.91 during intraday trading in the interbank market.

Cumulatively, the rupee has lost around Rs19 in value over the past 12 days.

According to data released by the State Bank of Pakistan on Monday afternoon, the value of rupee depreciated by another 0.45%.

The rupee had closed in the market on the weekend at a rate of Rs236.84. It was among the few currencies in the world which had lost out to the dollar.

On Monday it lost another Rs1.07 in value to sink to Rs237.91.

The last time the rupee was this weak was in early August when a US dollar cost around Rs238.38. The rupee currently sits just Rs2.03 away from its all-time lowest value of Rs239.94, which it had attained on July 28 earlier this year.

Earlier during intraday trading in the interbank, the US dollar was being traded at a value of over Rs238 with a rise of Rs1.16. However, it had lowered to below that level before the end of day.

Open currency market

In the open currency market, the dollar continued to behave as per black market rules with its value exceeding Rs245.

The greenback has soared for the twelfth consecutive day in a row with its value shooting up by Rs20.

Pakistan’s external debt has increased by Rs2 trillion as a result of the increase in the value of the dollar.

According to the currency dealers, food imports of $1 billion have caused a boost in the demand for dollars.

Even the IMF program’s restoration was unable to lower the value of the dollar.

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