ISLAMABAD: Pakistan’s rupee continued to sustain losses against the US dollar in the inter-bank market, and was hovering at 239-240 on Wednesday.
At around 1:55pm, the rupee was being quoted at 239.50, a depreciation of Re0.59 or 0.24% against the greenback, during intra-day trading.
On Tuesday, Pakistan’s rupee had depreciated for the 13th successive session to settle with a loss of 0.42% at 238.91 against the US dollar in the inter-bank market.
The currency has been under renewed pressure despite release of the International Monetary Fund (IMF) tranche of $1.16 billion earlier this month.
The downward push comes on the back of a rising dollar value in the global markets and expectations of a widening current account deficit amid an increase in imports, especially edible items, due to floods.
On the other hand, experts predict inflows from exports will remain lacklustre, while remittances are also expected to disappoint.