The latest reports suggest that delay in IMF has caused negative impact and uncertainty in the local market.
KARACHI: The rupee lost over Rs18.89 against the US Dollar in intraday interbank trade today
The rupee sharply went down as it closed at Rs266.11 on Wednesday but it was being traded at 285 against the dollar at around 11:36am.
The latest reports suggested that the rupee was being traded at Rs292 against the dollar in the open market.
According ECAP general secretary Zafar Parahca, the main reason in the market was the delay in the agreement with IMF.
They said that Fund’s condition to peg the Currency rate with that of the grey market — also referred to as the Peshawar market — had caused negative impact.
Paracha was of the view that the current rate was too high and shouldn’t have risen that much.
He states that the greenback was trading at Rs290 a day ago in the grey market.