Pakistani rupee shed Rs0.69 (-0.44 percent)against the US dollar in the interbank on Monday.
According to the State Bank of Pakistan, the US dollar opened atRs154.62 and closed at Rs155.31. Within the open market, the US dollar was traded at Rs154.80-155.60. The local currency shed Rs0.19 against the greenback last week.
However, the local unit has gained Rs13.74 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs4.53 in 2021.
Currency experts said that the rupee weakened as the market saw higher demand for foreign currency for import and corporate payments.
They said that the higher demand for the foreign currency was due to the fact that the market opened after two weekly holidays. —TLTP