The Pakistani rupee extended its downward trend on Friday with the local currency plunging Rs7.17, or 2.73 per cent, against the US dollar in the interbank market as the government eased its control over the currency in order to convince the International Monetary Fund (IMF) to release pending loan tranche, reports Geo News.

Rupee recovered slightly by day end as it closed at an all-time low of Rs262.20 after dropping to 268 during the intra-day trade.

The greenback has gained Rs31.28 in the interbank market since Thursday as forex companies removed a cap on the exchange rate — a key demand of the IMF as part of a bailout programme agreed upon in 2018.

Bd-pratidin English/Golam Rosul