Pak rupee reaches Rs104.65 in open market

KARACHI: The Pakistani currency Tuesday further depreciated as the government allowed the devaluation in rupee against the US dollar in interbank market after more than a year.


According to the local currency market, the US dollar gained 40 paisas in open market to reach 104.65 mark and remained unchanged at yesterday’s highest level of 104.10.

On Monday, rupee declined 2.55% to Rs104.10 at close of the interbank exchange trade, coming down from the Rs102 a dollar where it was capped since early 2014.

The government took the decision of devaluation of the Pakistani currency after observing the world economies that are devaluing their currencies in what is being termed as a low-intensity trade war in a slowing global economy.

The exports have also been forcing the government to devalue Pakistani rupee.