KARACHI: The Pakistani rupee plunged against the US dollar and lost value during the first trading period of the working day.
The local currency was trading at 283.50 during intraday trading, down Re0.3 from the previous day’s interbank rate against the US dollar.
The local currency lost 0.53 percent last week in relation to the dollar, ending the week at 283.2 on the interbank market.
The stalled project with the International Monetary Fund (IMF) caused the rupee to continue its roller-coaster journey, despite the government’s best efforts to secure urgently required assistance.
Ishaq Dar, Pakistan’s finance minister, recently asserted that friendly countries should encourage the South Asian country to make it easier to finalise the deal with the international lender.