Karachi
Pakistani rupee struggled against the US dollar in the interbank market on Monday and depreciated by 21 paisas (-0.12 percent).
According to the State Bank of Pakistan, the US dollar opened atRs170.53 and closed at Rs170.74. Within the open market, the rupee was traded at Rs170/171.50 per dollar.
According to currency experts, the dollar’s demand was high because the market opened after two weekly holidays.
They said that a significant trade deficit has also kept the rupee under pressure. The fresh all-time low of the local currency can be attributed to the latest reports of massive rise in import bill during the first quarter of the current fiscal year. —TLTP
