KARACHI: The US dollar advanced to Rs172.93 at the closing of the interbank foreign exchange market on Wednesday.
The dollar recorded the gain for the third consecutive gain. The rupee lost Rs1.30 against the dollar to close at Rs172.93 from the previous day’s closing of Rs171.63 in the interbank foreign exchange market.
The currency dealers said that the rupee witnessed massive decline owing to higher dollar demand for import payments.
The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
The said that non-availability of expected inflows from Saudi Arabia had also put pressure on the dollar demand. The Saudi government on October 26, 2021 pledged to provide $3 billion assistance to Pakistan in managing balance of payment.
The local unit recorded the all-time low of Rs175.27 on October 26, 2021.