Karachi (News Desk): The Pakistani rupee weakened again against the US dollar as the value of the greenback rose in both the interbank and open currency markets.
The depreciation comes amid increased external debt repayments, which have caused Pakistan’s foreign exchange reserves to fall below $12 billion. Additionally, a reduction in interest rates, as well as declining KIBOR (Karachi Interbank Offered Rate) and swap transaction rates, put further pressure on the local currency.
In the interbank market, the US dollar gained 9 paisas, closing at PKR 278.46, while in the open market, the dollar appreciated by 11 paisas, closing at PKR 279.51.
The recent weakening of the rupee is attributed to over $2 billion in external debt repayments and a rise in demand for imports.
