Federal Budget

Rupee continues to depreciate against dollar

Rupee continues to depreciate against dollar

Business

The dollar clsoed at 223.42, depreciating by Rs2 against the rupee.

KARACHI (Dunya News) – Pakistani Rupee continued to depreciate against the US dollar in inter-bank market on Wednesday.

During the intraday trade, the dollar clsoed at 223.42, depreciating by Rs2 against the rupee.

The rupee also declined against the dollar on the second business day of the week and settled at 221.42 after declining by Re1.56.

Meanwhile, the spread between inter-bank and open-market rates also soared as the greenback was being traded at 234 in the open market.

However, the dollar is also gaining strength internationally, hitting a 24-year peak against the yen and reaching new highs versus the Australian and New Zealand dollars on Wednesday after U.S. economic data reinforced the view that the Federal Reserve will continue aggressive policy tightening.