Web Desk (LTN NEWS): Since September 2, the rupee has been losing value against the dollar. On Monday morning, it lost another 96 paise on the interbank market.
At 12:20 p.m., the PKR was worth Rs237.8 per dollar, which was 0.4% less than it was on Friday when it was worth Rs236.84.
At the same time, the Forex Association of Pakistan (FAP) showed that the PKR was being traded on the open market for Rs242.4 per dollar.
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Saad bin Naseer, who is in charge of the financial data and analytics portal Mettis Global, said that the drop was a sign of the market’s overall demand and supply. The rupee didn’t react to the news that the Saudi Fund for Development rolled over a $3 billion deposit for a year because “it didn’t make the dollar more liquid on the market,” he said.
Mettis Global says that the PKR lost Rs8.7 against the US dollar last week. In the last 52 weeks, the value of the local currency has dropped by 28.99%. On July 28, it hit a record low of 239.94.
