Rupee’s slide against the US Dollar continues unabated

KARACHI: Wednesday’s open market rate clocked in at Rs. 303.20 to the dollar before noon, showing a hike of 15 paisa from yesterday’s Rs. 303.05 to the USD.

By noon the deterioration broke records to jump over a loss of Rs. 1.20 per USD.

The interbank exchange rate around noon was Rs. 304.25 to the USD.

KSE-100 volatility indicative of fluctuating investor confidence

Since Monday, PKR has lost nearly Rs. 4.75 to the greenback, when it opened at Rs. 299.5 to the dollar on the first day of the trading week.

Last week USD touched the highest value in a fiscal year 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.