Precarious rupee slips further against dollar

Pakistan’s rupee incurred another loss of two paisas to settle at Rs224.11 on Tuesday against the restive US dollar during trading in the interbank market.

Data released by the State Bank of Pakistan (SBP) on Tuesday afternoon showed that the value of rupee slid by 0.09% from Rs223.91 to Rs224.11 during interbank trading.

The rupee’s depreciation came on the back of the delay in formal talks by the global financial institution, International Monetary Fund (IMF) on the overdue ninth review.

On Monday, the figures released by the State Bank of Pakistan (SBP) showed the value of rupee sliding by Rs0.22 from Rs223.69 to Rs223.91 during interbank trading.

Meanwhile, the spot rate of rupee had remained stable on Thursday and Friday at Rs223.69 in the interbank currency market.

Open market

In the open currency market, the value of rupee remained unchanged at Rs231.50, respectively.

The rate to buy the US dollar also stayed at Rs229.25.