pyari 3

  KARACHI: Hammered by cataclysmic floods and political uncertainty in the country, the Pakistani rupee continued its downward spiral for the eighth consecutive session against the US dollar Tuesday. The local unit fell by Rs2.1 to Rs231.92 in the interbank market, down in value from yesterday's close of Rs229.82. The rupee also lost Rs9.21 or 4.2% against the greenback cumulatively last week. Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha told The News that it was imperative for all stakeholders to sit at the talking table and resolve Pakistan's issues. The ECAP official said it was expected that once the International Monetary Fund's (IMF) loan comes in, the rupee would gain ground against the dollar — and it happened as the local united appreciated Rs2 after the SBP received the amount. But, he noted, the downfall persisted since then — with minor negligible gains — as, despite money from the global lender, the country did not get monie