As the government relaxed its control over the currency in an effort to persuade the International Monetary Fund (IMF) to release a pending loan tranche, the Pakistani rupee continued its downward trajectory on Friday, falling almost Rs12 versus the US dollar in the interbank market.
The local currency was trading at Rs268.30, up from the interbank market’s close of Rs255.43 on Thursday.
Since Thursday, the dollar has increased by Rs30.41 on the interbank market as forex providers lifted a cap on currency rates in response to a crucial demand from the IMF as part of a bailout package established in 2018.
According to the exchange rates given by the ECAP, the rupee dropped to 265 to the dollar on the open market, a decrease of Rs3 from the day before.
