Web Desk (LTN NEWS): Wednesday, the ninth day in a row that the Pakistani rupee lost ground against the dollar. During morning trade on the interbank market, PKR fell by Rs2.08.
According to the Forex Association of Pakistan, the local currency was worth Rs234 per dollar at 12 p.m., which was 0.89 percent less than it was at the end of yesterday.
At the same time, PKR was worth Rs238 per dollar on the open market.
Saad bin Naseer, director of the financial data and analytics portal Mettis Global, said that “the rupee fell on the back of high inflation readings from the United States, which helped the dollar on the international currency markets.”
Read Value of rupee falls by Rs1.64 against Dollar
Earlier today, the dollar got close to a 24-year high against the yen. This was because inflation was higher than expected, which made people think that the US Federal Reserve will tighten money even more next week.
During the Asian session, the dollar went as high as 144.965 yen. This is close to the high of 144.99 yen reached a week ago, which is a level not seen since August 1998. It was last traded for 0.15 percent less at 144.41.
Since Sep 2, the rupee has lost ground against the dollar. It went down by Rs9.2 in the last week, and now it is worth Rs228.18. In the last two days, the rupee has lost another Rs3.74 of its value.
