Pakistani Rupee continues free fall for sixth straight session

The Pakistani rupee’s losses continued on Wednesday for the sixth consecutive session against the US dollar in the interbank market.

The currency depreciated by Rs0.79 by 11 am during intraday trade, according to the Forex Association of Pakistan (FAP).

Consequently, the rupee was trading at 220.5 against the greenback.

In the open market, the United States Dollar is sold between Rs225 to Rs228, said, forex dealers.

The local unit had finished Rs219.71 against the US dollar yesterday.

Ishaq Dar, the finance minister, claimed on Tuesday that the dollar rate will soon revert to its former value.

Ishaq Dar, while talking to journalists in Britain, said that talks with the International Monetary Fund (IMF) remained successful and he held 58 meetings with IMF officials during his four-day visit to Washington.

He said that the US dollar rate was increased by a few paisas which will be returned to its original value soon.