Dollar climb to Rs159.36 as rupee sheds 19 paisa

Observer Report

Pakistan rupee depreciated against the US dollar in the interbank on Monday and shed 19 paisas (-0.12 percent).

According to the State Bank of Pakistan, the US dollar opened atRs159.17 and closed at Rs159.36.

Within the open market, the US dollar was traded at 159.50/160.30.Pakistani rupee shed Rs1.33 against the US dollar last week, while depreciation during the fiscal year 2021-22 has been Rs1.82.

However, the local unit has so far gained Rs0.75 in 2021.Currency experts said that the local currency re-mained under pressure because of higher dollar demand for import payments due to the opening of the market after two weekly holidays.—Agencies