Dollar advances to new historic high of Rs178.05

Dollar advances to new historic high of Rs178.05

KARACHI: The US dollar advanced to make a new record high at Rs178.05 on Tuesday at the closing of the interbank foreign exchange market.

The Pak Rupee fell by one paisa against the dollar from the previous day’s closing of Rs178.04, which was the previous record low of the local currency.

READ MORE: Dollar hits record high of Rs178.04 at interbank closing

Currency experts said that the market had witnessed high demand for the dollar during the day. However, the latest curbs imposed by the State Bank of Pakistan (SBP) prevented the local currency from deteriorating.

The SBP on last Sunday restricted foreign exchange buying by individuals to discourage speculative gains.

READ MORE: SBP sets limits for sale of foreign exchange to individuals

The SBP measure helped the local currency to resist the dollar during the past two days. But the latest numbers of the balance of payment further created uncertainty about the rupee stability.

The current account deficit has widened to $7 billion during the first five months (July – November) 2021/2022. The current account posted a surplus of $1.87 billion in the same period of the last fiscal year.

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