KARACHI: The US dollar rebounded on Wednesday by gaining 74 paisas against the Pak Rupee (PKR). The rupee ended Rs175.04 to the dollar from the previous day’s closing of Rs174.30 in the interbank foreign exchange market.
Currency analysts said that the mounting demand of dollars for import payments had deteriorated the rupee value.
They said that the rupee had made recovery for the first two sessions of the current week following rise in key policy rate by the State Bank on November 19, 20201.
However, huge import bill kept the high demand for dollar.
Pakistan’s current account deficit sharply widened to $5.08 billion during first four months (July – October) of the current fiscal year as compared to a surplus of $1.31 billion in the same period of the last year.
The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.
