Rupee loses more ground against US dollar

KARACHI: The Pakistani rupee lost more ground against the United States (US) dollar in early trade in the interbank currency market on the first trading day of the week.

According to foreign currency dealers, the domestic unit depreciated by 19 paisas to Rs177.90 against the greenback, touching a new record low.

The rupee had closed at Rs177.71 against the dollar in the interbank market on Friday.

Currency experts said the local unit has lost over Rs25 against the dollar in the last seven months.

The recent $3 billion inflow from Saudi Arabia doesn’t seem to have a positive impact on the exchange rate. The kingdom had deposited $3 billion with the State Bank of Pakistan (SBP) under a support package to shore up the country’s foreign reserves.

Though the Saudi deposit has improved the SBP reserves but failed to stop the rupee’s fall against the greenback.