PKR remains under pressure, falls by Rs1.64 in interbank

The rupee continued to weaken against the dollar on Monday, falling by Rs1.64 in the interbank market. The local currency closed at Rs229.82 per dollar, data shared by the State Bank of Pakistan (SBP) showed. This equates to a depreciation of 0.71 per cent. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there were several factors behind the rupee’s decline, including an expected increase in the import bill in the aftermath of the devastating floods. However, one of the primary reasons was that friendly countries, which had promised to provide financing once the International Monetary Fund’s (IMF) deposit was received, had not yet fulfilled their commitments, he said.