Geo Business

Dollar weighs on already down rupee

KARACHI: Rupee against dollar has depreciated even further as it reached as high as Rs89/dollar in the open market, Geo News reported Thursday. Exchange companies say a demand spike led to a 10 percent rise in the value of greenback against rupee. On the other hand, after commercial banks sold dollar in the interbank market at the behest of State Bank of Pakistan, the USD declined by Rs0.20 to close at Rs87.55. Dealers say the difference in dollar value between open and interbank market has now surpassed Rs1.25. The rupee has, so far, in the current financial year (FY11) depreciated by 3 percent.