Pakistani rupee continues losing ground against USD

The US dollar closed at 235.88 PKR on Thursday, and on Friday opened higher, after the local currency devalued by 0.96 PKR, or about 0.41 per cent, Xinhua news agency reported citing official figures issued by the SBP.

Devaluation of the Pakistani rupee (PKR) against the US dollar continued as the greenback traded at 236.84 rupees in the interbank, according to the State Bank of Pakistan (SBP).

The US dollar closed at 235.88 PKR on Thursday, and on Friday opened higher, after the local currency devalued by 0.96 PKR, or about 0.41 per cent, Xinhua news agency reported citing official figures issued by the SBP.

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The dollar, since its recent low of 213.90 PKR, has now gone up by 22.94 PKR.

According to money market analysts, the depreciation of the local currency is taking place due to rising import bill.

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