Dollar goes above 158 as rupee's slide continues

The Pakistani rupee's fall against the US dollar continued on Tuesday, with the currency now going above the 158-mark against the greenback.

The rupee ended at 158.19 against the dollar, revealed the SBP, extending the fall by another 0.43%.

The hike comes as pressure on importers mount as they make payments to their purchasers before the end of the fiscal year, whereas the government also makes scheduled external loan payments.

Being the final month of the ongoing fiscal year, foreign companies transfer profits to their respective countries leading to a flight of dollars, President Forex Association of Pakistan Malik Bostan told Business Recorder.

Pakistan's rupee continues downward movement, closes at 157.51 in inter-bank market

In a span of one-and-a-half months, the rupee has witnessed a drop of 3.9% after it closed at 152.28 on May 7.

On Monday, the PKR fell against USD in both interbank and open markets. In the interbank market, Pakistani rupee lost 80 paisas for both buying and selling against USD over last week’s rates closing at 157.50 and 157.60, respectively. In the open market, PKR lost 80 paisas for buying and 70 paisas for selling against USD over last week’s rates closing at 157.60 and 158, respectively.