PKR weakens Rs3.26 against dollar in interbank

KARACHI (a1tv News)The Pakistani rupee lost Rs3.26 against the US dollar during the interbank trading on Tuesday. The dollar also gained Rs3.50 against the local currency in the open market as it crossed Rs301 in value. 

The local currency was being traded at Rs291.75 in the interbank market and Rs301 in the open market around 12:15pm.   

During the previous week, the local unit witnessed depreciation of 0.52 per cent, closing at 288.49 against the greenback.

According to a leading currency dealer, the rupee’s depreciation was “expected” as the under the agreement with the International Monetary Fund (IMF), the difference between the open market and the interbank market should be 1pc.

He said as the open market was witnessing an upward trend, this also had an effect on the interbank market.