Dollar advances to Rs176.75 on post holidays demand

Dollar advances to Rs176.75 on post holidays demand

KARACHI: The dollar gained against the Pak Rupee (PKR) on Tuesday owing to payment demand for imports as the market opened after three holidays.

The interbank foreign exchange market ended at Rs175.75 to the dollar from December 31, 2021 closing of Rs176.51.

Currency experts said that the market witnessed dollar demand for import payment as foreign exchange dealing was suspended for last three days.

The local unit recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.

The experts said that falling foreign exchange reserves and scheduled repayments would remain challenge for rupee stability.

The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago. The official reserves of the SBP is import cover of 2.25 months, which is below the benchmark of three months.

Leave a Reply

You have to agree to the comment policy.