KARACHI: The rupee continued to show a downward trend in the open market against the greenback, as the US dollar has reached its all-time high Rs 152 in the open market.
Cumulatively in the three days, the local currency has lost 5.84%, or Rs8.26, from Wednesday’s close of Rs141.39 under the new round of depreciation.
The International Monetary Fund (IMF) has conditioned to let the market forces decide rupee-dollar exchange rate going forward. Implementation of this condition is a must to acquire the IMF board’s final approval for its 39-month long loan programme worth $6 billion for Pakistan.
The government entered the IMF programme on May 12 and the IMF board is expected to meet sometime in June.