Pakistani rupee continues to slide against US dollar

KARACHI: The Pakistani rupee has continued to face battering on the second consecutive working day as local unit fell by another Rs3.42 against the US dollar in the interbank trade on Wednesday.

The local currency was closed at Rs294.93 against the greenback, according to data from the State Bank of Pakistan (SBP).

In the open market, the dollar was being traded for Rs303.50, according to the Exchange Companies Association of Pakistan (ECAP).

Yesterday, the Pakistani rupee had closed at 291.51 against the dollar.

According to Khurram Schehzad, the chief executive of financial consultancy firm Alpha Beta Core, the dollar saw the rise due to imports opening up gradually.

The price of oil going up in the international market could also be cited as a reason for the dollar price to spike, he said.

It is pertinent to mention here that the caretaker government increased the prices of petroleum products by up to Rs20 per litre amid a rise in global oil rates.