Pakistan's rupee broke its seven-session winning streak against the US dollar, depreciating marginally by 0.54% in the inter-bank market on Monday.
According to the State Bank of Pakistan (SBP), the rupee closed once again surpassed the Rs182-mark, closing at Rs182.52 against the greenback compared to Saturday’s close of Rs181.55.
Read more: Rupee holds steady against US dollar
The local currency underwent correction today after appreciating over Re1 last week; however, traders believe that the rupee will trade within a range of 180-181 against the US dollar in the ongoing week.
Investors took a negative cue from the widening trade deficit that rose by 12% to $3.64 billion in March 2022 as compared to the same month of the last fiscal year.
The rupee has maintained a downward trend for the last 11 months. It has lost 19.86% (or Rs30.25) to date, compared to the record high of Rs152.27 recorded in May 2021.
