Rupee’s slide against US dollar continues

ISLAMABAD: The Pakistani rupee continued to weaken against the US dollar, depreciating 0.36 percent during the opening hours of trading in the inter-bank market on Monday.

At midday, the rupee was hovering at 284.45, a decrease of Rs1.02 in the inter-bank market.

While in the open market the Pakistani rupee weakened further against the US dollar.

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During the day, according to forex dealers the rupee was quoted at 286 for selling and 283 for buying purposes for customers.

During the previous week, the PKR lost 3.50 rupees for both buying and selling against USD, closing at 282.00 and 285.50, respectively, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

It is the third consecutive week that the local currency witnessed a fall.

The unprecedented increase had largely come on the back of a crackdown against smuggling and controls on exchange companies.

However, since then, the fortunes have turned against in the US dollar’s favour.