KARACHI: The US Dollar appreciated to Rs163.92 in the interbank foreign exchange market on Wednesday.
The market witnessed higher demand for the foreign currency for import payment.
The closing rate of the dollar in the interbank foreign exchange market was Rs163.75.
Currency experts said that value of the Pak Rupee (PKR) eased against the dollar because of ease in coronavirus restrictions. They said ease in restrictions encourage importers to purchase dollars for new shipments.
They said that the rising import bill was remain a concerns for exchange rate stability. The imports registered a growth of 48 per cent to $5.43 billion in July 2021 as compared with $3.67 billion in the same month of the last year. Meanwhile, trade deficit ballooned by 85.5 per cent owing to high import bill.
