Dollar hikes by Rs8 in the open market

Karachi: On the second day of business week, the US dollar continued to appreciate against the Pakistani rupee.

According to the currency dealers, the dollar became expensive by Rs87 to Rs299 in the interbank market, while the dollar became Rs8 expensive to Rs312 in the open market.

Notably, as the caretaker government completes it's 11 days, the dollar became more than Rs10 expensive, while the value of the rupee has decreased by 3 percent in just 8 business days.

As stated by financial analysts, the lifting of the prohibition on Iranian companies withdrawing profits in dollars and the elimination of all import restrictions have intensified the strain on the rupee's value.