Rupee continues downward slide against US dollars


۔KARACHI:- The rupee’s downward slide against US dollar continued on the fourth consecutive day on Friday as political query and detention in the release of the IMF loan tranche forUS$1.17 billion have affected the country’s foreign reserves, KNM NEWS reported.

According to forex dealers, the note saw a hike in value against rupee by Rs0.19 and traded at Rs227. In the open request, the US bone traded between Rs228 and Rs229.
On Thursday, the Pakistani rupee hit another low after the US dollar strengthened against the original currency and gained Rs1.89 and traded at Rs226.81. In the open request, the note traded between Rs226 to Rs227.

previously, the State Bank of Pakistan( SBP) attributed the 11– rupee change in the exchange rate in just two days to the “ request- determined exchange rate system ” under which the current account position, news stories, and domestic query contribute to the quotidian currency oscillations.
In an apparent attempt to play down the deprecation, the SBP said a “ better measure ” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation- shaped terms.

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