Rupee continues to sink against dollar, loses Rs1.16

KARACHI: The Pakistan rupee continued to lose ground against the US dollar for the sixth consecutive session on Wednesday. 

According to the State Bank of Pakistan (SBP), the local currency closed at Rs220.87 after depreciating Rs1.16 or (0.53%) against the greenback. 

It closed at 219.71 a day earlier against the US dollar. 

Last week, analysts said that the rupee will trade range-bound in the ongoing week, depending on the demand for greenback by importers as the central bank has started to clear pending letters of credit.