Downward trend prevails as rupee slides to Rs240 against US dollar

Downward trend prevails as rupee slides to Rs240 against US dollar

Karachi (Web Desk): The downward trend prevailed in the value of rupee on Thursday as it fell hitting another low of Rs240 in the interbank market.

As per the Forex Association of Pakistan (FAP), the rupee lost 4.48, or 1.89 per cent, compared to yesterday’s close of Rs236.02 by 12:03pm.

Consequently, the rupee was trading at Rs240.5 against the greenback.

Fears have risen about Pakistan's stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country's forex reserves stand below $10 billion with inflation at the highest in more than a decade.

According to the economic experts, one of the reasons behind downfall of Pakistani rupee against the US dollar is also the prevailing political uncertainty in the country.

Earlier this week, Finance Miftah Ismail hoped that Pakistan will get funds from IMF in coming weeks, adding that the inflow of dollars will decrease pressure on rupee and strengthen forex reserves.

He said that fears of default are blown up, adding that a police will be chalked out to increase country’s exports in next three months.

The finance minister that friendly states were approached to get support to improve forex reserves but they rejected the request by saying that Pakistan never paid off the loan in the past.