KARACHI: The rupee fell by Rs2.34 against dollar on Monday due to panic prevailed following massive decline in global stock markets.
The rupee ended Rs156.58 to the dollar from last Friday’s closing of Rs156.24 in interbank foreign exchange market.
Currency experts said that due to high volatility in the local stock market the currency market followed the suit. The benchmark KSE-100 of Pakistan Stock Exchange (PSX) recorded decline of 1161 points on Monday.
However, they believed that the falling international oil prices would help the local currency to make gain in coming days.
The foreign currency market was initiated in the range of Rs154.52 and Rs154.70. The market recorded day high of Rs156.70 and low of Rs154.70 and closed at Rs156.58.
The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs156.70/Rs157.00 from last Friday’s closing of Rs154.00/Rs154.30, in cash ready market.