PKR continues losing streak against dollar

Fresh assessments of flood damage saw the Pakistani rupee continue to lose ground against the US dollar which jumped to Rs230 in the interbank market on Monday.
The rupee lost around Rs1.82 in its value on Monday morning as it slid from Friday’s closing value of Rs228.12 to Rs230 on Monday.In the open currency market, the value of a US dollar has soared as high as Rs238.
The Pakistani rupee has been on a downward trend since last month despite receiving $1.1 billion from the International Monetary Fund (IMF) loan failed to strengthen the currency.
With devastating flood damage, political uncertainty and import of tomatoes and onions, the demand for US dollars has grown again, causing an impact on the currency markets.