KARACHI The Pakistani rupee continued to drops against the US dollar on Thursday, reaching a new low in the interbank market as the country’s foreign exchange reserves are running out despite efforts by the administration to restart an IMF loan programme (IMF).
The value of the dollar decreased by Rs2.53 to settle at Rs271.36, down 0.93% from the previous day’s value of Rs268.83.
Since the coalition administration lifted the dollar price cap in accordance with a condition imposed by the international lender for the resumption of the loan programme, the local currency has been losing ground against the US dollar.