The value of rupee inched up 5 paisa as exchange price of dollar was being quoted at Rs72.40 on buying and Rs72.50 on selling counters compared to Rs72.45 and Rs72.55 a day earlier.

However, in open market the national currency remained under pressure against dollar and it further depreciated by 40 paisa as in the beginning of the day the conversion price of American currency was Rs72.60, however it continued its upward flight to Rs73 until close of trade on the back of soaring demand.

Forex market sources said uncertain political situation in the country coupled with existing demand pressure was the main cause behind the current depreciation in value of national currency against greenback.

The sharp decline in foreign portfolio investment and depleting foreign exchange reserves also caused a negative impact on the value of rupee. The downward trend in foreign exchange reserves of the country continued as current figures of SBP depicted further outflow of $329 million to $10.159 billion of which a large portion was utilised to make quarterly oil payments as well as regular import payments.

source: The News International