Rupee resumes downward trend against US dollar

Pakistani rupee suffered a marginal loss of Rs0.50 against the US dollar in the interbank market, extending its losses for a second straight session.

State Bank of Pakistan (SBP) reports that the local currency lost Rs0.50 against the dollar in the interbank market and ended the day at Rs218.38.

The Forex Association of Pakistan (FAP) said that banks were trading US dollars for Rs218.78 at the time. The exchange rate for the dollar in the open market was between Rs220 and Rs222.

This is the second time, the rupee has registered a loss in its value after Federal Finance Minister Ishaq Dar’s return to office. The local currency appreciated by almost Rs22, or 10.1 per cent, against the greenback in the last 13 sessions.

Earlier, Federal Minister For Finance and Revenue Ishaq Dar vowed to bring back Pakistani rupee at its original value which is less than 200 against US dollar. “I can genuinely prove that dollar’s actual value is below Rs200,” he added.