Dollar closes at Rs175.46; hits intraday record high

Dollar closes at Rs175.46; hits intraday record high

KARACHI: The US dollar hit all-time high at Rs176.50 during intraday trading on Friday but later reversed to close at Rs175.46 in the interbank foreign exchange market.

The Pak Rupee (PKR) closed at Rs175.46 to the dollar as against the previous day’s closing of Rs174.98 in the interbank foreign exchange market.

Currency experts said that the rupee remained under pressure due to the outflow of the foreign currency in the shape of external debt repayment.

Pakistan’s foreign exchange reserves fell by $766 million to $22.774 billion due a week. According to the State Bank of Pakistan (SBP), the country’s foreign exchange reserves were at $22.774 billion by week ended November 19, 2021 as compared with $23.55 billion by the week ended November 12, 2021.

They further said that the large imports are a major threat to the rupee stability. The import bill registered 65 per cent growth to $25.1 billion during first four months of the current fiscal year as compared with $15.17 billion in the corresponding months of the last fiscal year.

The Pak Rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

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