Daily Times

Pakistan rupee continued depreciating against the US dollar in the interbank for the third straight day on Wednesday and reached its lowest level since February 18, 2021 by shedding 55 paisas (-0.35 percent) more . According to the State Bank of Pakistan, the US dollar opened at Rs158.37 and closed at Rs158.92. Within the open market, the US dollar was traded at 158.80/159.50. Pakistani rupee has shed Rs1.05 against the US dollar during the last three days. However, the local unit has gained Rs9.12 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs1.22 in 2021. The currency experts said that payment demand for import has witnessed an increase as economic activities have gained momentum. They said that the demand for the foreign currency remained high during the day due to corporate and import payments. They said that increasing import bill due to higher oil prices may pose another threat to domestic currency. They were of the view that given the whole scenario, the rupee is heading towards a challenging quarter.