Karachi: Rupee took another hammering on Tuesday and plunged to fresh all-time low of 288.43 against dollar in inter-bank market. According to State Bank of Pakistan (SBP), domestic unit depreciated Rs 1.34 or 0.46 percent.

Ismail Iqbal Securities Head of Research Fahad Rauf said lack of developments on resumption of International Monetary Fund (IMF) programme remains prime reason behind fall of rupee.

Arif Habib Limited Head of Research Tahir Abbas told that few letters of credit were opened therefore there was pressure on rupee. Fall comes day after rupee had registered significant decline against US dollar, settling at 287.09 in inter-bank market after loss of Rs 2.44 or 0.85 percent.

Globally, dollar paused for breath on Tuesday following its best rally this month against major peers as resilient US labour market bolstered case for Federal Reserve rate hike next month. Leading cryptocurrency bitcoin briefly touched $ 30,000 for first time since June. US dollar index which measures greenback against six major counterparts, including yen slipped 0.06 percent in early Asian trading, following 0.39 percent advance at start of week.

Published in The Daily National Courier, April, 12 2023

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