Closes in the range of Rs126.10-126.80 agains­t the greenb­ackKARACHI: Pakistani rupee weakened to a two-month low against the US dollar at Rs126 in the open market on Friday on speculation that the International Monetary Fund (IMF) had recommended further depreciation of the rupee, dealers said. Oil prices linked to value of rupee, govt tells SC“The rupee loses value whenever Pakistan holds meeting with the IMF,” Pakistan Forex Association President Malik Bostan said in comments to The Express Tribune. The rupee remained below Rs126 for around two months in the open market. If rupee slump persists, it can hurt ModiCurrency dealers demanded the government remove uncertainty by disclosing its plans regarding IMF. Another currency dealer at Habib Qatar International Exchange Company said the rupee became cheaper in the open market following a cut in supply for foreign currencies to the dealers.

Source: The Express Tribune September 29, 2018 03:33 UTC