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KARACHI: Pakistan’s rupee continued to depreciate against the US dollar in the inter-bank market and was hovering around the 235-236 after losing Rs1.68 on Thursday intra-day trading.
The local currency was changing hands at Rs236 per dollar at 11:35am after depreciating 0.71 per cent. Yesterday, the PKR closed at Rs234.32 per dollar.
On Wednesday, Pakistan’s rupee had sustained losses against the US dollar for the ninth successive session, settling with a depreciation of 1.02% at 234.32 in the inter-bank market as the dollar strengthened globally. At the same time, investors remained wary of a rising import bill.
The local currency has come under renewed pressure this month, which has been attributed to the strengthening US dollar index, alongside a rise in import of food-related items.
Internationally, the dollar stood near recent peaks on Thursday as markets increased bets the Fed has more work to do in its aggressive tightening streak to curb red-hot inflation, while wariness of intervention kept the yen steady.
This is the 10th consecutive session that the rupee has fallen. Over the last nine sessions, it fell Rs15.72 or 6.91pc, according to Arif Habib Limited.