Rupee continues to lose value against US dollar

KARACHI: US dollar strengthened against Pakistani rupee in inter-bank and open market on the first trading day of trading on Monday.

As per details, US dollar strengthened 40 paisa to reach 102.9 in open market and 20 paisa to reach 102.4 in inter-bank market against Pakistani rupee.

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On last Friday, the US dollar strengthened 35 paisa to reach 102.5 in open market and 40 paisa to reach 102.2 in inter-bank market against Pakistani rupee.

Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in political stability put pressure on the rupee.

On the other hand, political situation keep on worsening as a case was lodged against Imran Khan at Islamabad’s Bani Gala police station after the Pakistan Tehreek-e-Insaf (PTI) chairman got activists of his party released, who were detained by police for violation of section 144.