KARACHI: The US dollar continued its upward trajectory against the Pakistani rupee on Friday. As per details, the worth of the greenback increased by Rs3.10 in the interbank market to reach Rs156. The business community blames economic uncertainty as one of the primary reasons behind dollar appreciation in addition to lack of ‘consistent roadmap of recovery’ from the government.
The government has repeatedly announced that economy has come out of the downward spiral. However, the IMF deal’s condition of depreciating the rupee against the US dollar presents a contrasting reality. Some business analysts are of the view that Pak rupee is still over appreciated against the dollar and thereby, they predict that the pattern will sustain.
On Thursday, the Pakistani rupee slid down by Rs0.54 against the greenback. The US dollar was being traded at Rs152.10 in the interbank market yesterday. The US dollar rose by Rs2.25 in the interbank market to reach Rs155.15.
On Thursday, the Pakistani rupee continued to weaken against the US dollar, shedding Rs1.33 in the interbank market. Following the rise in the interbank, the US dollar also strengthened in the open market with an Rs1.50 increase to be traded at Rs153.50.
The rupee went into free fall following three days when PM’s adviser on Finance Abdul Hafeez Sheikh announced the finalization of a three-year bailout with the International Monetary Fund (IMF) for $6 billion.
