KARACHI: The Pakistani rupee on Friday extended its losses against US dollar for the sixth consecutive session in the interbank.
At around 11:15am, the rupee was being quoted at Rs229 after losing Rs2.58 in the interbank market during intra-day trading.
On Thursday, the rupee had registered a loss for the fifth successive session to close at Rs225.42 after depreciating 0.82% or Rs2 against the greenback.
Pakistan’s currency has cumulatively fallen by 8.14 against the greenback since this week’s trade began and is seemingly on the same pattern that was witnessed two months back — when the local unit hit 239.37 on July 28.
The decline in rupee value is attributed to a number of factors including a strengthening dollar in the international market. Additionally, surge in demand for the foreign currency in the local market, led by pressure from import payments, has added to rupee’s weakness.
