KARACHI: Pakistani rupee declined by 80 paisas against the dollar in early trade at the interbank foreign exchange market on Monday.

The dollar is being traded at Rs176.26 at the opening of the interbank market.

The exchange rate was closed at Rs175.46 on Friday, November 26, 2021.

Read more: Rupee devaluation bad for economy: OICCI

Currency dealers said that the delay in the finalisation of the International Monetary Fund’s (IMF) programme is one of the reasons for the rise of the dollar and the surging import bill is further driving rupee in a downward trajectory.

The statement from a government official in which he predicted further rise in the dollar’s value provided space to speculators and they manipulated the market.

The buying and selling of the dollar at the open market was recorded at Rs177.2 and Rs179.