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Pak rupee plunges by Rs1.03 against dollar in interbank

A higher demand for dollars, particularly by travellers flying to the UAE weakened the local currency

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Pak rupee plunges by Rs1.03 against dollar in interbank
GNN Media: Representational Photo

Karachi: The local currency continued to depriciate against the US dollar on Thursday as PKR dropped Rs1.03 against the greenback.

Analysts attributed the fall to a higher demand for dollars, particularly by travellers flying to the United Arab Emirates.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs219.41 per dollar in the interbank market — a depreciation of Rs1.03 or 0.47 per cent.

In the open market, the rupee was being traded at Rs228 per dollar around 4:40pm, data shared by the Forex Association of Pakistan showed.

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