KARACHI – The Pakistani rupee extended its losses on first days of the new business week against the US dollar as it depreciated by 0.33 percent on Monday.
The State Bank of Pakistan’s (SBP) data shows the local currency dropped by Rs1 to close at Rs302 against the greenback in the interbank market.
In the open market, the rupee also remained under pressure as it depreciated by Rs1 to settle at Rs315 vs dollar amid fears of further decline in its value.
Last week, PKR continued its negative trajectory and closed at a historic low of 301 against the greenback.
Rupee continues to lose its value against the high flying dollar, but the gap with rates in the open market remains against the directives of the International Monetary Fund (IMF).
The local unit is likely to remain under pressure against the dollar in the coming days amid huge demand for foreign currency, primarily driven by the need to clear backlog consignments as the government ended all import curbs.
USD to PKR: Pakistani rupee hits near 300 against dollar in interbank
