KARACHI: The Pakistani rupee remained highly volatile and continued its losing streak against the US dollar on Tuesday, losing over Rs2 during intra-day trading despite Finance Minister Miftah Ismail claiming that the International Monetary Fund (IMF) programme will be revived within the next two days.
According to the Tresmark, the dollar was trading at Rs211.99, after appreciating over Rs2 (as of 10:53am) against Monday’s record high of Rs209.96.
The rupee continues its downtrend, which has also been attributed to the quarter-end payments due to the country’s rising import bill, widening current account deficit and depleting foreign exchange reserves other than the delay in the revival of the IMF programme.
The latest fall since the start of the week in the rupee’s value against the greenback comes after traders resorted to panic buying on reports that some commercial banks had run out of foreign currency.
