The Pakistani rupee was off to a cautious start against the mighty US dollar in the interbank market on Monday amid zero signs of any moves to arrest slide in its value. According to the information received from the forex dealers, the local currency appreciated by 22 paisas against the greenback and was currently being traded at Rs305.25. On Friday last, the Pakistani rupee had managed to close at Rs305.47, seven paisas up against the US dollar in the interbank market. Experts identified a number of factors leading to the renewed depreciation run of the local currency, including removal of import restrictions which has created pressure of import payments. Another factor was the International Monetary Fund (IMF) condition to maintain a currency gap of around 1.25% between the interbank and open-market is driving up rates in the latter, with elements of informal market playing its part as well.

 
Credit: Independent News Pakistan (INP)