Pakistani Rupee was traded at Rs 126 against US dollar in the open market on Friday.
Lahore (Pakistan Point News – 29th September, 2018) Pakistani rupee weakened to a two-month low against the US Dollar as it was traded at Rs 126 against US dollar in the open market on Friday.
According to sources, dealers supposed that such decline is the result of news that International Monetary Fund (IMF) had recommended further downgrading of the rupee.
The Pakistani rupee closed trading on Friday from the range of Rs126.10-Rs126.80 against the US dollar in the open market, as compared to Thursday where it had closed at the range of Rs125.50-Rs125.80.
According to the State Bank of Pakistan (SBP), the Pakistani rupee has maintained its steadiness in the inter-bank market against the US dollar, as it was traded at Rs124.24.
Due to general elections, the Pakistani rupee has stayed below Rs126, since the end of July when its rate elevated against US dollar.
According to President Pakistan forex Association Malik Bostan, the rupee usually drops its value against US dollar whenever Pakistan holds talks with the IMF.
The IMF delegation arrived in Pakistan on Thursday to hold meeting with the government to evaluate the country’s economic performance.
