Pakistan’s rupee continued to sustain heavy losses against the US dollar in the inter-bank market, depreciating 2.74% during the trading session on Monday.
At around 1:50pm, the dollar was being quoted at 270 during intra-day trading, a depreciation of Rs7.4.
On Friday, Pakistan’s rupee witnessed significant depreciation against the US dollar, settling at 262.6 after a fall of Rs7.17 or 2.73%.
Meanwhile, the government moved to pass on the impact of rupee’s drastic fall as Finance Minister Ishaq Dar on Sunday announced a Rs35 increase in the prices of petrol and diesel. The prices of kerosene oil and light diesel oil were also increased by Rs18. The new prices came into effect from Sunday.
Separately, the central bank on Sunday rebutted reports that capping the price of dollar caused loss of $3 billion in remittances and exports.
During the previous week, the rupee depreciated 12.5%, but the bulk of the fall came in the…
