KARACHI – The rupee continued to depreciate on Friday in the interbank market, trading at Rs266.6 per dollar at 10:32am.
As per the data shared by the Exchange Companies Association of Pakistan (Ecap), the local currency is down by Rs11.17 from the yesterday’s close.
The currency witnessed a decline of Rs24.54 to a record low of Rs255.43 in the interbank yesterday, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.
The massive devaluation occurred after the government removed an unofficial cap on the USD-PKR exchange rate to revive the stalled International Monetary Fund (IMF) loan programme.
