KARACHI: The US dollar continued its historic journey against the Pakistan Rupee (PKR) on Friday to reach new high of Rs181.78 at closing of interbank foreign exchange market.
The rupee witnessed five paisas decline to the dollar from previous day’s closing of Rs181.73, which was previous historic low of the local unit at interbank closing of March 22, 2022.
READ MORE: Dollar maintains record high against PKR at Rs181.73
The dollar took breath yesterday to maintain the historic low as exchange ended unchanged at Rs181.73. Prior to this, the local currency fell continuously against the greenback for seven consecutive trading sessions till March 22, 2022.
The massive outflow of foreign exchange for repayment of external debt kept pressure on the exchange rate.
READ MORE: Rupee’s losing streak continues as dollar tops Rs181.73
Pakistan’s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022 as compared with $23.72 billion as of February 4, 2022. The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.
READ MORE: Rupee collapses to dollar at record low Rs181.25
The rupee was under pressure due to political uncertainty, external payment demand and volatile international oil prices. A no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.
The dollar demand was also rising due to import of commodities related to the holy month of Ramzan. The local forex market is also uncertain due to volatile oil prices in the international markets. The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.
READ MORE: Dollar continues to make historic high; hits Rs180.57