KARACHI: The rupee fell to its lowest against the dollar this year in the open market, despite efforts by Finance Minister Ishaq Dar.

Dollar rose to PKR109 in the open market, from PKR108.60. In the open market, dollar strengthened by PKR0.40 due to demand.

The US currency increased to Rs104.85 in interbank market, after an increase of 1 paisa (PKR0.1).

The difference in dollar’s worth in the inter-bank and open market exceeded PKR04.

Exchange Currency Association general secretary Zafar Paracha said that dollar continues to rally against rupee despite steps taken by the finance minister to prevent gold and dollar smuggling.

“The government will have to take immediate action against illegal money-changers and gold smugglers to stop further hike in dollar’s worth,” he said.