Rupee remains under pressure in view of political instability

KARACHI, July 28 (SABAH): The Pakistani rupee continued its downward spiral against the US dollar in the interbank market during intraday trade Thursday, despite assurances by Finance Minister Miftah Ismail that pressure on the rupee will soon “vanish”.

The rupee was trading at Rs240 against the US dollar in the interbank market during intraday trade amid the ongoing economic and political uncertainty in the country.

The domestic currency lost 3.98 during the intraday trade. The local unit closed at 236.02 per dollar a day earlier. It fell by 1.31% during the session.

Meanwhile, the dollar soared by Rs4 and traded at Rs245 in the open market.