Rupee continues to decline against US Dollar

ISLAMABAD: Pakistani Rupee continues to depreciate against the US Dollar, with the mid-day exchange rate clocking in at Rs. 303.011 per USD.

Market opened Monday with the PKR-USD parity at Rs. 299.5, rising quickly to Rs. 303.183 before marginally declining to Rs. 303.011 by the noon.

KSE-100 sees unstable fluctuations at opening

Last week USD touched the highest ever parity against PKR, with the rupee breaking the Rs. 300 barrier. Continued decline in foreign exchange reserves held by the State Bank of Pakistan (SBP) coupled with the flight of fuel prices is expected to further deteriorate PKR against the greenback.

Crackdown on illegal cattle markets in Karachi, mismanagement complaints in Islamabad

The interim set-up at the Ministry of Finance has issued orders to arrest this decline through a crackdown on illegal forex dealers operating in the country.

However, the foundational issues of smuggling and overall weakening of the economy will continue to wreak havoc on PKR-USD, at least in the near future.