PKR falls by Rs2.4 in interbank as dollar climbs globally

The Pakistani rupee continued to lose ground against the dollar for the ninth consecutive session on Wednesday, with the PKR sliding by Rs2.4 in the interbank market. The local currency closed at Rs234.32 per dollar, depreciating 1.02 per cent from yesterday’s close. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the rupee “tumbled on the back of high inflation reading from the United States which bolstered the dollar in the international currency markets”. Earlier today, the dollar climbed close to a 24-year peak against the yen after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the US Federal Reserve next week. The dollar rose as high as 144.965 yen in the Asian session, taking it close to the high of 144.99 hit a week ago, a level not seen since August 1998. It last traded 0.15pc lower at 144.41.