Summary The rupee weakened by a total of 1.3 against the dollar in the open market in the past four days.
LAHORE (Web Desk) - Rumors about devaluation of Pak rupee afloat hiccups on agreement with IMF worrying Dollar up in open market ranging from 143 to 146.
According to exchange dealers, Dollar price in the country has increased by Rs 1 to Rs 2 in open market. Dollar is currently being traded at Rs 144 and somewhere at Rs 143.
The dealers said the dollar price has hiked by Rs 3 in just a week.
The Pakistani currency suddenly weakened over one-rupee to Rs142.7 to the US dollar in the open market on Friday as speculation mounted that Pakistan had agreed to let the rupee depreciate further under a stringent International Monetary Fund (IMF) bailout program.
With the latest drop of Rs1.1, the rupee weakened by a total of 1.3 against the dollar in the open market in the past four days, according to forex.pk.
Earlier, the central bank let the rupee depreciate a massive 34% since December 2017 to date in a bid to boost sluggish exports and drastically cut imports to narrow down the current account deficit and improve balance of payments situation.
