KARACHI: The Pakistan rupee Monday continued to depreciate against the US currency and touched the level of Rs118 in open market.
As per local money market, the dollar gained 75 paisas to reach Rs118 for buying and 118.30 for selling, while it remained unchanged at Rs 115.50 for buying and Rs 115.70 for selling.
On Friday, the dollar closed flat in the open currency market on less-than-normal demand from private sector buyers. The greenback closed at Rs 117.25 for buying and Rs 117.45 for selling in the open market. The dollar closed flat at Rs 115.50 for buying and Rs 115.70 for selling in interbank.
In the local currency market last week, the rupee/dollar parity traded almost flat on the interbank market.
However, the rupee in the open market came under renewed pressure against the dollar as an abrupt rise in dollar demand dragged the rupee value to historic lows due to short dollar supplies.
Trading in currency in the open market remained volatile throughout last week. The differential in the interbank and open market dollar rates have risen from 95paisa to Rs1.73 in just one week.
