Pakistan rupee sees loss of 71 paisa against US dollar in a week

KARACHI: The US dollar lost 44 paisas against the Pakistani rupee in the interbank market during the last two trading sessions.

The dollar closed at Rs 154.40 in the interbank today.

In the two trading sessions, the dollar had dipped by 44 paisas in the interbank market against Thursday’s closing of Rs 154.84. According to market sources, the dollar opened at Rs154.43 today, but continued its downward trend against the local currency and slide 44 paisas before closing time.

An interbank source claimed that there is still pressure on the rupee in the interbank market as the imports have gone up in the last few weeks. The inflow of the remittances is also normal compared to the previous week, he added.

The central bank and the government want to keep the US currency between 152.00-154.00 to support the exporters, but the rising imports have kept the pressure on local currency. The market experts said the government has imported sugar, wheat and others food items worth $7 billion in the last few months to support the local prices.

Open currency market experts claimed that there is no demand for the dollar in the kerb market but the dealers are following the interbank market. The dollar is going up but it is a temporary movement and the local currency is still stable in the interbank market.

In the open currency market, the dollar is being traded at Rs 154.50 for buying and Rs 154.80 for selling.

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