ISLAMABAD – The rate of the US dollar increased by Rs1.20 in the openmarket on Monday.
Sources said the dollar was trading at Rs113.50 in the open market.
The State Bank of Pakistan recently moved to allow the currency exchangerate to adjust to market conditions, after being stable for the first fouryears of the government.
The central bank devalued the currency by about five per cent in December,and the market expects further weakening of the rupee before the generalelections in mid-2018 to ease balance of payments pressure stemming from awidening trade deficit and growing fiscal deficit.