Pakistan’s economic crisis sees rupee’s value nosedive for fifth day – Money

The depleting foreign exchange reserves of the country caused the Pakistani rupee to record another loss of 38 paisas to Rs224.75 against the greenback on Friday during interbank trading.

The last working day of the week saw the value of the rupee plummeting by Rs0.38 from Thursday’s traded value of Rs224.37 in the interbank market.

Meanwhile, on Wednesday, the spot rate of rupee was found to be at Rs224.16 from the previous value of Rs224.11 on Tuesday.

However, the rupee’s depreciation is due to the delay in formal talks by the global financial institution, International Monetary Fund (IMF) on the overdue ninth review.

Open market

In the open currency market, the value of rupee increased to Rs232, respectively.

The rate to buy the US dollar also stayed at Rs229.70.