KARACHI: On Monday, the Pakistani rupee lost value against the greenback for the sixth consecutive session. During the morning trade, the rupee lost Rs1.04 and traded at Rs220.75 at 11:13 AM. The data from the Forex Association of Pakistan showed that the rupee lost 0.47 per cent since yesterday. In the last five sessions, the rupee lost Rs1.92 against the US dollar.
The local currency was making a steady recovery after the announcement that Ishaq Dar would be the new finance minister. In 13 sessions, the rupee gained 10.1 per cent or Rs22 in value.
Komal Mansoor, Head of Research at Tresmark, attributed the loss to a decline in foreign reserves of the country. The foreign reserves of Pakistan have touched the lowest value in three years.