rupee drops
(Dunya News) LAHORE – In the inter-bank market on Wednesday, the local currency fell by a record 5.15 percent, posting a loss versus the US dollar.
The Pakistani rupee was trading at 290 at about 1:50 pm. On Tuesday, the rupee had also fallen against the US dollar, ending the day at 284.84 in the interbank market.
In the midst of widespread unrest after Imran Khan, the chairman of the PTI, being arrested, the local unit also lost 3 rupees against the dollar in open market transactions.
Currency analysts claimed that increased political unrest and rising uncertainty about the continuation of the International Monetary Fund (IMF) bailout plan were to blame rupee.
They said that market jitters surrounding the IMF plan had been made worse by political unpredictability.
