Rupee registers losses against US dollar

KARACHI: The Pakistani rupee registered losses against the US dollar, depreciating another 0.36 percent during the opening hours of trading in the inter-bank market on Wednesday.

At 10:30AM, the rupee was hovering at 278.03, a decrease of Re1, in the inter-bank market.

On Tuesday US Dollar continued its downward trend on the 29th business day against the ‘unstoppable’ Pakistani Rupee and reached Rs275.75 with a decrease of Rs1.08. However, in the afternoon trading session, the US dollar showed little resistance against PKR’s winning streak and gained 17 paisas and reached Rs277.17.

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In the open market, the US dollar halted its fall against the rupee for the first time in 40 days and maintained its value at Rs277. In five weeks, the dollar has come down by Rs53 in the open market.

In the interbank market, the American currency has lost Rs30.30 in five weeks and dropped 10 percent in value.