KARACHI: Growing political uncertainty in the country caused the rupee to continue its struggles against the US dollar, depreciating by another 88 paisas on the first day of trading.
Data shared by the State Bank of Pakistan (SBP) on Monday showed that the US dollar appreciated by Rs0.88 to rise to a value of Rs219.86.
By contrast, the rupee had closed in the interbank market at Rs218.98 on Friday.
It was expected that a $1.1 billion tranche from the International Monetary Fund (IMF) last week would help ameliorate a lot of the stresses on the rupee.
While it did that momentarily, the streak snapped towards the end of last week and the pessimism around the rupee continued to take hold on Monday where the rupee depreciated by another 0.4%.
Rupee’s three-day winning streak of about Rs3.30 was broken on Friday with the US dollar closing at Rs218.98 after increasing by 38 paisas.
