| KARACHI: The rupee suffered its seventh consecutive loss against the dollar, depreciating by Rs1.11 in the interbank market on Monday, despite claims of stability and high hopes with the IMF inflow.
Currency dealers said the local currency is now set to decline further without any resistance. The dollar settled at Rs287.92 in the interbank market while it gained Re1 to reach Rs293 in the open market.
During the last seven trading sessions the dollar appreciated by 3.98 per cent, or Rs11.46.
Currency experts said the dollarisation of the economy has started at a general level, as domestic savers are buying dollars to protect their savings. This is against the trend, considering that banks have been offering much higher returns due to the 22pc policy rate.
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