Rupee languishes at Rs90/dollar

KARACHI: Rupee’s erosion is far from over as it went as low as Rs90/dollar in the open market on Monday, Geo News reported.

Haji Haroon, President Exchange Companies Association of Pakistan (ECAP), told Geo News, they expected the dollar to fall --interbank trade-- in a couple of days as they strongly believed the State Bank of Pakistan (SBP) would open its reserves’ spigots to bolster greenback's supply.

He analyzed that a locally as well as globally strengthening dollar is depreciating rupee big time.

Experts hope rupee might buck the trend after SBP injects dollars into the system.