Pakistani rupee struggled against the US dollar in the inter-bank market on Monday and shed 50 paisas (-0.29 percent).
According to the State Bank of Pakistan, the US dollar opened at Rs170.01 and closed at Rs170.51. Within the open market, the rupee was traded at 170.70/171.70 per dollar.
According to currency dealers, the rupee depreciated owing to the demand for import payments.
They said that due to the first day of the week, the dollar demand was high for import payments. They said that the large import bill is the major reason behind the rupee fall.
The Pakistani rupee made all-time low of 175.27 against the greenback on October 26 last and since then the local currency has recovered Rs4.76 during the last nine sessions . —TLTP
