Pakistani rupee hits 234 against US dollar in intraday trade

ISLAMABAD: The Pakistani rupee continued to lose ground against the dollar for the ninth consecutive session on Wednesday, the rupee lost 2.4 in the interbank market.

The local currency closed at Rs234.32 per dollar, depreciating 1.02 per cent from yesterday’s close.

https://twitter.com/StateBank_Pak/status/1569987728896413703

According to Mettis Link News interview with Wajid Rizvi, Head of Research at Intermarket Securities explained the recent depreciation of rupee due to the flood situation in the country, while the US Fed increased the rates which affected the global rate of the dollar against other currencies.

“It seems that the initiative of the government and finance ministry towards the investment of dollars from friendly countries has not been productive and effective, the IMF deal had given us hope of recovering from the depreciation of rupees but it turned out to be the opposite”, he said.