Rupee extends losses against US dollar to close at Rs301.99 

KARACHI – Pakistani rupee further weakened by Rs 1.06 against the US dollar in the interbank trading on Tuesday as demand for the foreign currency has increased after withdrawal of the import restrictions. 

Data shared by the State Bank of Pakistan shows the greenback closed at Rs303.05 against the previous day’s closing of Rs301.99. 

The buying and selling rates of the dollar in the open market stood at Rs 319.5 and Rs 322.5 respectively after witnessing upward trend.

In the previous session, the dilapidating currency closed at a then-record low against the greenback at 302.

Pakistani currency remained under pressure amid shrinking inflows, and amid widening current account deficit.

Experts suggest that soaring imports mount pressure on local currency as demand for the USD stood high for overseas purchases.

In the open market, the rupee shattered all previous records and was being quoted over Rs315. In the last couple of weeks, the currency had lost over Rs12 against the dollar in retail dealings as government ended all import restrictions in line with IMF demand.