The Pakistani rupee appeared to have lost steam against the US dollar despite injections of billions of dollars from the IMF and the friendly countries, and on Monday the local currency could not resist the pressure from the mighty greenback and depreciated in the interbank market.
According to the data collected from the money traders, the US dollar shed a few paisas in the first hour of trading on Monday but soon it hit back and soared by Rs1.41 against the Pakistani rupee.
At the moment, the greenback was being traded at Rs279 against the local currency.
On Friday last, after three consecutive gains, the Pakistani rupee had registered losses against the US dollar, depreciating 0.41%. At close, the currency had settled at 277.59, a decrease of Rs1.13.