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Pakistani rupee in freefall as US dollar soars above Rs210 in interbank market


KARACHI – The US dollar continued its upward march on Monday as it crossed Rs210-mark against under-pressure Pakistani rupee in the interbank market.

The greenback was trading at Rs210.19 at 11:02 am in the interbank market after gaining Rs1.44 against local currency.

On June 17, the State Bank of Pakistan (SBP) said that the local currency witnessed a depreciation of 0.52 percent to close at 208.75.

The depreciation of local currency continues amid uncertainty over revival of $6 billion IMF programme, widening current account deficit and fast-depleting foreign exchange reserves.

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