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Pakistan

PKR weakens against US dollar in interbank

The local currency settles at Rs223.66 amid political and economic instability

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PKR weakens against US dollar in interbank
GNN Media: Representational Photo

Karachi: The Pakistani rupee continued losing value against the US dollar on first weekly trading day on Monday, depreciating 49 paisa, or 0.22 percent in the interbank trading.

According to the State Bank of Pakistan, the local unit closed at Rs223.66 against the greenback against closing of Rs223.17 on Friday.

In the open market, the greenback gained Rs1.50 to close at Rs231.

According to analysts, demand for imports is strong which is also increasing the parity as well.

The local currency lost value because of uncertainty over the ninth review by IMF, growing risk of defaulting on its obligations to repay foreign debt despite Finance Minister Ishaq Dar’s reassurance and absence of a timeframe regarding incoming financing from Saudi Arabia and China. 

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