%20(1).png)
The rupee fell for the third day in a row on Monday, dropping Rs6.5 to the dollar, or 2.32%, to trade at a new all-time low of Rs270 versus the greenback in the interbank market at 11:59 a.m.
The rupee plummeted as the coalition government abandoned its pricing control in order to entice International Monetary Fund (IMF) officials to restart the $7 billion loan programme.
After a Rs7.17 drop, the local currency completed the day at an all-time low of 262.6 versus the US dollar.
According to State Bank of Pakistan (SBP) figures, the domestic currency has dropped by roughly 14% or Rs36 in three days, compared to Wednesday's close of Rs230.89 to a dollar.
According to the Exchange Companies Association of Pakistan, the currency touched an intra-day low of Rs270 during today's trading session, which lasted more than two hours (ECAP).
Meanwhile, the organisation said that the currency was changing hands in the open market with the dollar at 272.
According to the ECAP briefing, most analysts believe the rupee would fall to 275 and then stabilise towards the 270 level as the IMF adopts the programme.
However, the organisation projected that if there is no negative news from the IMF or the political front, the market would struggle to get over 270 in the medium term, correcting to 265 levels.
___This is a developing story that will be updated as additional information becomes available.
