KARACHI – The US dollar continued gains on first session of the new business week against the Pakistani rupee.
The greenback strengthened by Rs1.22 in first trading session on Monday to reach Rs297 amid fears of further depreciation of local currency till closing of the today’s session.
In the open market, the foreign currency is being traded at Rs306 amid high demand by importers as the outgoing coalition government had lifted the import restrictions after a bailout deal with the International Monetary Fund (IMF).
On Friday, the local currency relapsed to its losing ways against the greenback, and moved down to 0.29pc in the inter-bank market.
Data shared by State Bank of Pakistan (SBP) showed the rupee settled at 295.78, with losses of Re0.86.
