KARACHI: The decline of the Pakistan rupee continues as US Dollar, after a gain of 60 paisa, rose to 174.10 here on Monday. According to stats provided by the forex association, the dollar value was recorded at Rs174.40 in the open market. The buying rate was reported to be at 174, and the selling rate was Rs.174.40.
According to Forex Association of Pakistan (AFP) Chairperson Malik Bostan, the rise was expected after the approval of the IMF loan of $1bn.
Pakistan Finance Minister, Shaukat Tareen, is in negotiations with IMF officials to extend the release of $6 billion loan facility to the country. Mettis Global, a web-based financial data and analytics portal, says that the rise in the prices of oil and other commodities played a key role in the decline of rupee value.