KARACHI: The dollar eased by one paisa against the Pak Rupee (PKR) on Tuesday as the State Bank of Pakistan (SBP) is going to announce a policy statement.
The rupee ended Rs177.88 to the dollar from the previous day’s closing of Rs177.89 in the interbank foreign exchange market.
The rupee hit an all-time low at Rs177.89 a day earlier against the dollar.
The dollar eased as the central bank is going to announce monetary policy in which the market is expecting to increase the interest rate significantly.
Currency experts said that the import payment is escalating the dollar demand. The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
The large imports also widened the trade deficit sharply. The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.
