KARACHI: The US dollar eased by 29 paisas against the dollar on Monday to close at Rs176.48 in the interbank foreign exchange market.
The dollar witnessed an all-time high against the Pak Rupee (PKR) on December 03, 2021.
The dollar weakened today due to the foreign inflows to the tune of $3 billion deposited by the Saudi Development Fund (SDF) to the State Bank of Pakistan (SBP) on December 04, 2021.
READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank
Currency experts said that the market was expected sharp recovery in rupee value owing to the Saudi fund deposit. But the local unit only recovered 29 paisas.
They said that the dollar demand remained high during the day for import payment as the market was opened after two weekly holidays.
The dealers said that the large import bill remained a threat to the rupee value in the coming days.
READ MORE: Pakistan’s trade deficit widens by 112% to $20.59 billion
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed 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.
