KARACHI: The dollar is again reached above Rs175 near an all-time high despite efforts made by the central bank to stabilize the local currency, dealers said on Friday.
The Pak Rupee (PKR) depreciated by 57 paisas to close at Rs175.24 to the dollar as compared with the previous day’s closing of Rs174.67 in the interbank foreign exchange market.
The State Bank of Pakistan (SBP) last week announced to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The rupee made recovery for continuous three sessions following this announcement. The announcement was made on November 12, 2021 when the rupee hit the all-time low of Rs175.73 to the dollar.
However, the local unit lost Rs1.5 against the dollar during the past two sessions on a statement of the finance advisor that he could not give a certain date for inflows from the IMF.
