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US dollar continues its upward trajectory against Pakistan rupee

US dollar continues its upward trajectory against Pakistan rupee

KARACHI: The start of the trading week saw the US dollar continue to gain strength against the Pakistani rupee.

The US dollar weakened by Rs1.16 against the Pakistani rupee in the interbank market on Monday to be traded at Rs157. However, the US dollar decreased in the open market by Rs0.80 to be traded at Rs156.70

During last week, the price of the US dollar in the interbank mart rose by Rs7.24.

The sliding rupee has caused alarm in Pakistan, which is already facing inflation likely to average over 7% for the year and surging costs for fuel and power, which are both heavily influenced by the dollar exchange rate.