Business news Pakistan

Dollar gains another 11 paisas against the rupee


KARACHI: The rupee depreciated by around 11 paisas or 0.07% against the US dollar in the inter-bank market on Thursday, closing the day at Rs166.98 on the back of pressures from the external side.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs166.87 against the greenback on Wednesday.

The rupee today extended its decline for the fourth consecutive session on the back of a widening trade deficit, which reached $4.05 billion in August against $1.74 billion over the corresponding month last year.

With pressure on the external side, the currency has plunged around 10% since May.

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