The Pakistani Rupee continued its downtrend against the US dollar in the interbank market as the dollar gained Rs 1.21 during early trade
According to the Forex Association of Pakistan (FAP), the dollar rose 1.21 rupees, rising to 206.37 rupees during intraday trade.
In the open market, currency traders said that the US dollar is trading between 207 and 208 Pakistani Rupees.
The dollar appreciated by Rs 1.35 and recently closed at Rs 205.16, according to the State Bank of Pakistan (SBP).
Experts say the local currency is losing momentum against the dollar as the revival of the International Monetary Fund’s (IMF) $6 billion lending program is delayed.
The country faces a balance of payments crisis as the central bank’s foreign exchange reserves fall to $9.2 billion.