WEB DESK
The value of the Pakistani rupee has decreased sharply in the interbank market against the US dollar. The greenback rose to Rs228.18 Friday after an increase of Rs2.76.
According to data released by the State Bank of Pakistan (SBP) on Friday, the rupee lost around 1.21% in value. This saw it slide from Rs225.42, the value it had on Thursday afternoon, by about Rs2.76 to Rs228.12. The rupee has lost around Rs9.58 since the turn of the month. Since, August 16, the rupee has cumulatively lost around Rs16.
The Pakistan rupee is in a downward spiral after the IMF loan failed to boost the currency. In the open market, the US dollar is being traded at as high as Rs237. Political uncertainty and massive flood destruction have increased pressure on the rupee.
The import of tomatoes and onions from Iran and Afghanistan has also contributed to the rise in demand for US dollars, which is having an effect on the currency markets, according to forex dealers.
