Pakistani Rupee sinks Rs 1.55 paisa before noon

KARACHI: On Thursday Pakistan Rupee opened at Rs. 303.45 to the dollar, yesterday’s closing according to State Bank of Pakistan (SBP) data.

By noon the PKR had already lost Rs 1.55 paisa to the greenback, clocking in at Rs. 306 to the dollar.

Yesterday’s movement saw PKR post a total decline of Rs. 1.40 per USD. Open market exchange rate continue to hover above the interbank market rate, fluctuating between Rs. 306-311 to the USD.

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Continued political uncertainty, and forex pressures are likely to continue rupee’s decline in the international market.

SBP deputy chief, yesterday, refused to intervene into the exchange rate to stabilize electricity prices. This means that the exchange rate changes are likely to continue without any intervention by the central bank.