by: Ch. Muhammad Natiq
The Pakistan rupee continued its losing streak as the US dollar crossed the Rs208 mark during intraday trading in the interbank market. According to the Forex Association of Pakistan, the greenback was trading at around Rs208.50 on Friday morning after gaining 0.83 paisas against the local currency.
On Thursday, the State Bank of Pakistan (SBP) said that the local currency witnessed a decrease of Rs1.21 (or 0.58%) as it reached Rs207.67. On Wednesday, the Pakistani rupee shed Rs1.3 (or 0.63%) against the dollar to close at Rs206.46.
The devaluation of local currency continues amid uncertainty over the revival of the $6 billion IMF programme, widening the current account deficit and fast-depleting foreign exchange reserves. During the week ended June 3, liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped to $9.2 billion.