PKR continues to slide against dollar

The Pakistani rupee is struggling against the US dollar after its recent rally came to a grinding halt last week.

The US dollar appreciated by Rs0.52 to rise to Rs219.50 in interbank on Monday, despite a $1.1 billion from the International Monetary Fund (IMF).

Rupee’s three-day winning streak of about Rs3.30 was broken on Thursday and on Friday the US dollar closed at Rs218.98 after increasing by 38 paisas.

In the open currency market on Friday, the US dollar rose by Rs4 and was being traded at Rs223.

The local currency seems to be under strain following flash floods and resurgent political tensions.

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