KARACHI: For the fifth consecutive day, the local currency continued to lose value against the US dollar. The Pakistani rupee lost Rs1.25 or 0.57 per cent on a day-to-day basis. The dollar traded at Rs221.92 against the rupee in the interbank market.
In the past five days, the dollar has gained around Rs6 or 2.78 per cent in value.
According to Director of Mettis Global Saad bin Naseer, the drop in the rupee occurred due to the high demand for the dollar in the international market and current situation of country after the floods.
The foreign exchange reserves of Pakistan have dropped to $7.81 million. The capacity of import has also decreased to below six weeks.
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