The Pakistani rupee continued to decline against the US dollar on Monday, the first working day of the week.
The rupee was trading at 301.1 during intraday trading, down Rs. 10 on the interbank market.
Last week, the PKR continued to decline and reached a record low of 301 against the dollar.
Even though the rupee is losing value against the strong dollar, the open market rate gap continues to go against the International Monetary Fund’s (IMF) recommendations.
In the upcoming days, there will likely be continued pressure on the local currency against the dollar due to the enormous demand for foreign currency, which will be primarily driven by the need to clear backlog shipments after the government lifted all import restrictions.
