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The Pakistani rupee continued to lose ground against the dollar for the ninth consecutive session on Wednesday, with the PKR sliding by Rs2.4 in the interbank market.
The local currency closed at Rs234.32 per dollar, depreciating 1.02 per cent from yesterday’s close.
The rupee has been losing ground against the dollar since Sept 2. It fell by Rs9.2 during the last week to close at Rs228.18. In the last two days, the rupee’s value has further declined by Rs3.74.
Earlier today, the dollar climbed close to a 24-year peak against the yen after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the US Federal Reserve next week.
The dollar rose as high as 144.965 yen in the Asian session, taking it close to the high of 144.99 hit a week ago, a level not seen since August 1998. It last traded 0.15pc lower at 144.41.
The dollar index, which measures the currency against six major peers including the yen, euro and sterling, was little changed at 109.77, after surging 1.5pc overnight, its biggest one-day percentage gain since March 2020.