Rupee continues to lose steam, crosses 193-mark

A representational image. — AFP

KARACHI: The downtrend in the Pakistani rupee continued Friday as the currency fell by over Re1 against the US dollar during intraday trading in the interbank market on the back of uncertainty over the resumption of the International Monetary Fund’s (IMF) loan programme and shrinking foreign exchange reserves.

The rupee was trading at Rs193 after shedding Rs1.23 on Friday. The currency has dropped nearly 3% in the last five sessions since Monday.

The slide of the local unit was weighed down by a surging trade deficit, dwindling foreign exchange reserves — that dropped to their lowest level since December 2019 — and a delay in the release of the IMF tranche.

More to follow…

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