KARACHI: Ahead of the monetary policy review and delay in the International Monetary Fund deal, the rupee plunged by over Rs18 against US dollar during intra-day trade in the interbank market on Thursday.
The US dollar was being traded at Rs285 against rupee at around 11:16am. Yesterday, it had closed at Rs266.11.
Speaking to a local TV, ECAP General Secretary Zafar Parahca has said that the main concern in the local market is delay in accord with with the IMF. However, he said that the lender’s condition to peg the currency rate with that of the grey market has triggered uncertainty.
Paracha was of the view that the current rate is too high and shouldn’t have risen that much.
He further said that in the grey market, the dollar was being traded at Rs290 yesterday.
more details to follow………
