US dollar weakens by Rs1.30

Observer Report

Karachi

The Pakistani rupee strengthened against foreign currencies in the open market on Saturday. The US dollar fell by Rs1.30 to Rs117.30 in the open market, after peaking in the recent months.
The euro weakened by Rs2 to hit Rs140, while the pound fell by Rs2 to Rs159.50.
Since December last year, the rupee has cumulatively shed almost 9% of its value.
The State Bank of Pakistan has attributed the rupee’s decline to supply and demand dynamics of foreign exchange in the inter-bank market.
The country’s trade deficit has stood at almost $20 billion in the past eight months, according to statistics issued by the State Bank.

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