Pak rupee continues to slide

ISLAMABAD: The Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03 percent during the opening hours of trading in the inter-bank market on Friday.

At midday, the rupee was hovering at 283.52, a decrease of Re0.09 in the inter-bank market.

The Pakistani rupee weakened further against the US dollar in the open market on Friday, while the local currency also slipped lower in the inter-bank market.

According tom currency dealers the rupee was quoted at 285 for selling and 282 for buying purposes for customers.

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At the end of trading on Thursday, the local currency had closed at 284.5 for selling and 281.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank market, the rupee was hovering at the 284 level against the greenback.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).