US dollar continues to gain ground against rupee

The US dollar maintained its upward trend in the interbank on the second business day of the week.

According to details, the greenback rose by 99 paise against the local currency and closed atRs238.9.

The greenback is on a winning streak despite the State Bank of Pakistan (SBP) getting much-needed funds from the International Monetary Fund (IMF).

Experts say the country’s borrowing needs are expected to increase in the wake of massive devastation caused by flash floods, which will also drive up the import bill.

In the previous week, the rupee lost value in all five sessions for a cumulative fall of 3.7% to end at 236.84, precariously close to its all-time weakest level of 239.94 in the inter-bank market.

ePaper - Nawaiwaqt