Rupee Continues To Fall Against US Dollar In Internbank Market

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Rupee continues to fall against US dollar in internbank market

The State Bank of Pakistan says the local currency closed at Rs 207.99 against the US dollar in the interbank market after losing 0.50% of its value compared to last day’s close of Rs206. 94

KARACHI: (UrduPoint/Pakistan Point News-July 6th, 2022) The Pakistani rupee on Wednesday continued to lose its value against the US Dollar in the interbank market.

The rupee fell down amid increasing demand for the greenback ahead of Eidul Adha holidays.

The State Bank of Pakistan (SBP) said the local Currency closed at Rs207.99 against the US dollar in the interbank market after losing 0.50% of its value compared to last day’s close of Rs206.94.

The another factor behind the fall of rupee is delay in the revival of the International Monetary Fund (IMF) loan programme. The continuous fall of rupee could jeopardise government’s plans to provide relief to the poor masses as well as the overall progress of Islamabad towards unlocking suspended bailout.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.