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Rupee weakens against US dollar

KARACHI: The Pakistani rupee depreciated 11 paisas against the United States (US) dollar in the interbank currency market at the start of week’s trading on Monday.

According to the State Bank of Pakistan (SBP), the local currency closed at 152.93 against the greenback, registering depreciation of 11 paisas over the previous close of Rs152.82.

Last week, the Pakistani rupee strengthen by 12 paisas against the United States (US) dollar in the interbank currency market on a week-on-week basis. In the open market, however, the rupee appreciated 30 paisas to 153 against the US dollar.

It has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, foreign loan receipts, higher remittances besides less demand of dollar due to the ongoing pandemic.

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