Rupee loses 28 paisas to dollar at interbank opening

KARACHI: Pakistani rupee declined by 28 paisas against the dollar in early trade at the interbank foreign exchange market on Friday.

The dollar is being traded at Rs176.70 at the opening of the interbank market.

The exchange rate was closed at Rs176.42 on Thursday December 2, 2021.

Read more: Further rupee depreciation, hike in key policy rate expected in 2022

Currency dealers said that the local currency remained under pressure as the country’s trade deficit expanded with the import bill in November hit $7.8 billion.

Pakistan’s trade deficit widened by 68.6 per cent as imports reached $32.851 billion during the first five months (July-November) of FY 2021/22.

The last day’s closing of the interbank market at Rs176.42 was the historic low closing of rupee against the dollar.

Read more: Rupee hits record low of Rs176.42 against dollar

The buying and selling of the dollar at the open market was recorded at Rs176.5 and Rs178.