Rupee plunges by Rs1.56 against dollar in interbank market

Karachi: Pakistan rupee continued to lose against the greenback for the second consecutive session this week, falling by Rs1.56 against the dollar in the interbank market on Tuesday.

According to the State Bank of Pakistan, the local currency closed at Rs221.42 per dollar after depreciating 0.7 per cent.

Interbank closing #ExchangeRate for todayhttps://t.co/4e2n3i6IVW pic.twitter.com/ZAb2bzXMWB

— SBP (@StateBank_Pak) September 6, 2022

Separately, the PKR was being traded at Rs232 per dollar in the open market around 4pm, according to the Forex Association of Pakistan (FAP).

Market analysists say political uncertainty, lack of clarity on future inflows from the friendly countries and increased demand for the dollar for duty-free vegetable imports from Iran and Afghanistan were major factors behind weakening of the local unit.