KARACHI: With uncertainty looming over the revival of the International Monetary Fund’s bailout programme for Pakistan and the unsteady oil prices, the rupee witnessed a shock and declined by Rs2.85 against dollar on Tuesday during early morning trade in the interbank market.
The dollar had closed at Rs200.40 a day earlier. It’s being traded at Rs203.45 as of now. Meanwhile, the greenback is selling for Rs204 in the open market.
Market experts have attributed the decline in rupee’s value to the uncertainty in the IMF programme and the rising oil prices globally. Pakistan faces a serious challenge in the form of warding off the threat of bankruptcy.