KARACHI – Pakistani currency shows no resistance on the first working day of the week and remained under pressure against the US dollar.

During the intra-day trading, rupee was quoted at 301.1, with the decline of Rs0.10 in the inter-bank market.

Last week, PKR continued its negative trajectory and closed at a historic low of 301 against the greenback.

Rupee continues to lose its value against the high flying dollar, but the gap with rates in the open market remains against the directives of the International Monetary Fund (IMF).

The local unit is likely to remain under pressure against the dollar in the coming days amid huge demand for foreign currency, primarily driven by the need to clear backlog consignments as the government ended all import curbs.