Pakistani rupee hits to new low against dollar in interbank market

Pakistani rupee hits to new low against dollar in interbank market

Business

Pakistani rupee hits to new low against dollar in interbank market

KARACHI (Dunya News) – The Pakistan rupee continued its losing streak against the US dollar on Thursday, hitting to a new low in the interbank market as foreign exchange reserves of Pakistan are drying up amid government's efforts to revive a loan programme of the International Monetary Fund (IMF).

The greenback closed at Rs271.36 or 0.93% as compared to the previous day’s value of Rs268.83 after the local currency plummeted by Rs2.53.

The local unit has been weakening against the greenback for the last few days after the coalition government removed cap on the dollar price in line with a precondition placed by the global lender for revival of the loan programme.