Dollar strengthens against rupee by 89 paisas

KARACHI: The Pakistani rupee weakened by 0.89 rupees against the dollar on Friday, as the interbank market closed at 288.49 rupees per dollar, the State Bank of Pakistan said.

The rupee had ended at 287.60 on Thursday and 286.97 a week ago, losing 1.52 rupees over the week.

In the open market, where the currency is traded more freely, the rupee fell by 1.25 rupees to 296 per dollar, dealers said.

Dollar continues on upward trajectory, sees another major surge

The rupee has been under pressure from a widening current account deficit and rising import bills, as well as uncertainty over the country’s political situation ahead of general elections next year.