The Pakistani rupee further depreciated against the US dollar in both interbank and open markets after the federal budget announcement, sparking higher demand for the greenback amid expected import pressures.
The State Bank of Pakistan reports that the dollar closed at Rs 282.67 after increasing by 20 paisas in the interbank market.
The dollar hit Rs 284.82 on the open market, up 18 paisas, according to the Exchange Companies Association of Pakistan (ECAP).
Just one day prior, when the dollar closed at Rs 282.47, the interbank rate had increased by 26 paisa.
The increase, which puts more pressure on the local currency, is attributed by currency specialists to post-budget uncertainty and anticipation of larger imports.
