KARACHI – The Pakistani rupee extended its losses against the US dollar asit depreciated by Rs 1.33.
The State Bank of Pakistan’s (SBP) data shows the local currency dropped bymore than Rs1 to close at Rs303 against the greenback in the interbankmarket.
In the open market, the rupee also remained under pressure as itdepreciated by Rs1 to settle at Rs315 vs dollar amid fears of furtherdecline in its value.
Last week, PKR continued its negative trajectory and closed at a historiclow of 301 against the greenback.
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Rupee continues to lose its value against the high flying dollar, but thegap with rates in the open market remains against the directives of theInternational Monetary Fund (IMF).
The local unit is likely to remain under pressure against the dollar in thecoming days amid huge demand for foreign currency, primarily driven by theneed to clear backlog consignments as the government ended all import curbs.
