Pakistan rupee dropped to around 10 months low against the US dollar on Monday and depreciated by Rs1.24 (-0.76 percent) in the interbank.
According to the State Bank of Pakistan, the US dollar opened at Rs162.43 and closed at Rs163.67. Last time, the rupee traded at this level in the inter-bank on October 6, 2021. Within the open market, the rupee was traded at Rs163/164 per dollar.
Pakistani rupee shed Rs0.11 against the US dollar last week, while depreciation during the fiscal year 2021-22 has been Rs6.31. The local unit has shed Rs3.58against the US dollar in the current year 2021.Currency experts said that the local currency depre-ciated due to escalated import bill and decline in foreign exchange reserves. —TLTP