Dollar ascends above Rs320 in open market

The rupee remained under pressure and slid further against the US dollar in the open market on Tuesday, trading above Rs320 to the greenback.

According to the Forex Association of Pakistan (FAP), the rupee had depreciated to Rs323 in the open market against the dollar, while remaining under pressure in the interbank market, where it lost 70 paise more to the greenback. It was being traded at Rs302.70 by afternoon.

The rupee had fallen by 0.33pc yesterday to the dollar in the interbank market, with trade closing at Rs302, according to the State Bank of Pakistan data.

Khurram Schehzad, CEO of Alpha Beta Core, advised that the open markets need to be governed better to check for any speculative activities that have led the dollar to go up much more than it warranted.

More to follow.