KARACHI: The US dollar made a new record high to close at Rs228.37 to the dollar on Friday at closing of interbank foreign exchange market.
The exchange rate recorded a decline of Rs1.56 in rupee value to end at Rs228.37 to the dollar from previous day’s closing of Rs226.81 in the interbank foreign exchange market.
READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank
Currency experts said that the rupee under severe pressure due to high dollar demand for external payments.
The foreign exchange reserves of the country have further declined.
READ MORE: PKR plunges Rs227 to dollar at interbank midday trading
Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.
READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing
The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.
READ MORE: Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022
The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.
