Rupee loses 2 paisas against dollar at interbank opening

KARACHI: Pakistani rupee edged down by 2 paisas against the dollar in early trade at the interbank foreign exchange market on Thursday.

The dollar is being traded at Rs175.50 at the opening of the interbank market.

The exchange rate was closed at Rs175.48 on Wednesday December 1, 2021.

Read more: Rupee recovers 24 paisas against dollar

Currency dealers said that the delay in the finalisation of the International Monetary Fund’s (IMF) programme is one of the reasons for the rise of the dollar and the surging import bill is further driving rupee in a downward trajectory

The local currency recorded a slight decline as the country’s trade deficit has widened by 68.6 per cent as imports reached $32.851 billion during the first five months (July-November) of FY 2021/22.

The local currency recorded the historic low closing of Rs176.20 against the dollar on November 29.

The buying and selling of the dollar at the open market was recorded at Rs175.8 and Rs177.3.