Karachi (Web Desk): Rupee remained under pressure and traded above 320 against US dollar in open market on Tuesday.
According to the Forex Association of Pakistan (FAP), the rupee had weakened from Rs307 to Rs323 in the open market against the dollar in just 10 days.
Meanwhile, PKR also remains under pressure in interbank, losing 70 paise more against the dollar greenback and being traded at Rs302.70 by Tuesday afternoon.
However, the rupee was trading at Rs302 after falling by 0.33pc against the dollar in the interbank market yesterday, according to the State Bank of Pakistan (SBP) data.
Interbank closing #ExchangeRate for todayhttps://t.co/WpF9PYlRM9#SBPExchangeRate pic.twitter.com/hOkqhsgiiG
— SBP (@StateBank_Pak) August 28, 2023
As per the experts, this continuous weakening of rupee against dollar is raising concerns about the increase of pump price of petrol and diesel that could go above 300 this Friday.
In the last couple of weeks, the currency had lost over Rs12 against the dollar as government ended all import restrictions in line with IMF demand, and had been remained under pressure in these few weeks since the International Monetary Fund in July approved a new $3 billion bailout package for Pakistan.
