The Pakistani rupee maintained its losing streak against the US dollar at the start of the new business week on Monday, as massive devastation caused by the floods continues to worsen the country’s economic crisis.The local unit closed at Rs229.82 after losing Rs1.64 against the US dollar in the interbank market, as per the State Bank of Pakistan. Traders say the Pakistani rupee is expected to continue its downward spiral against the dollar in the interbank market this week as lack of strong central bank intervention and no clear strategy to turn around the economy is depressing investors. “Emerging currencies have suffered a lot due to the appreciation of the US dollar against the major currencies following relentless Federal Reserve rate hikes and increased safe-haven demand, but the Pakistani rupee’s sharp fall of more than 4% in the last six trading sessions has fuelled investor uncertainty,” said a foreign exchange trader.-Agencies
