Dollar hits all-time high at Rs175.73 at interbank closing

Dollar hits all-time high at Rs175.73 at interbank closing

KARACHI: The US dollar hit an all time high at Rs175.73 to Pak Rupee (PKR) on Friday. Currency experts said that the rupee witnessed all-time low due to high import payment demand.

The rupee lost Rs1.54 to end at Rs175.73 against the dollar from the previous day’s closing of Rs174.19 in the interbank foreign exchange market.

The local currency previously recorded all-time low at Rs175.27 on October 26, 2021.

The local currency witnessed some recovery in the value after falling to the lowest level of Rs175.27 on October 26, 2021. The Saudi government pledged an amount of $3 billion on October 26, 2021 that was to be transferred directly to the State Bank of Pakistan (SBP).

On the other hand large imports continuously escalate the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year, according to the Pakistan Bureau of Statistics (PBS).

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