Another record plunge as rupee drops to 155 against dollar

Pakistani Rupee plunged to yet another all time low against US dollar, after it dropped to Rs155 against the greenback in the open and inter-bank markets on Friday.

The PKR depreciated by Rs2.50 to reach the latest figures in the open market, whereas, it rose by Rs2.25 and was trading at Rs155.15 at the interbank.

On Thursday, the rupee lost Rs1.25 versus the dollar for buying at Rs152.80 and it also dropped by Rs1.40 for selling at Rs153.00, at inter-bank market As per reports, PKR has depreciated over 32.70 per cent from Rs118.37 in the last 12 months.

The sudden sharp hike in dollar has come after a staff-level agreement was reached last month between the International Monetary Fund and Pakistan on a $6 billion bailout package averring that the rupee value would hence forth be ‘market-determined’.