USD to PKR price moves up in open market

KARACHI: The US dollar (USD) hit new high against Pakistan rupee in the open market and made a big increase of Rs 3 and closed at Rs 318 from Rs 315.

Rupee dropped to yet another record low against the US dollar, as it settled at 303.05 in the inter-bank market on Tuesday.

At close, the rupee was down Rs1.05 or 0.35%, as per the State Bank of Pakistan (SBP).

Despite securing a last-minute deal with the International Monetary Fund (IMF), the currency has come under renewed pressure amid falling foreign exchange inflows, while concerns have risen over a widening current account deficit after authorities lifted curbs on imports.