KARACHI: The rupee fell by 4.58 percent against dollar during the last week in interbank foreign exchange market. The fall mainly attributed to IMF loan program which was recently agreed by Pakistan.
The dollar reached to record high by end of last weekly trading day on Friday. The interbank foreign exchange market ended Rs148.00 to a dollar.
The country had agreed to the conditionalities involved in IMF’s Extended Fund Facility during this week. Since the initial agreement to the IMF program the financial markets of Pakistan had crashed mercilessly.
Currency analysts said that the dollar appreciated by Rs6.48 during last trading week. The exchange rate was started the week at Rs141.40 and ended at Rs148.00 to the dollar in interbank foreign exchange market.