Dollar hits new record high at PKR 178.17

Dollar hits new record high at PKR 178.17

KARACHI: The US dollar recorded a new record high against Pak Rupee (PKR) at Rs178.17 on Monday. The rupee ended by four paisas against the dollar from last Friday’s closing of Rs178.13 in the interbank foreign exchange market.

The dollar previously recorded the highest level at Rs178.15 on December 22, 2021.

Currency experts said that the dollar demand was high due to opening of market after two weekly holidays. They said that year-end demand for corporate payment also put pressure on rupee value.

They said that the widening of trade deficit and current account deficit are major threats to rupee stability.

Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July – November) 2021/2022. The current account posted a surplus of $1.87 billion in the same period of the last fiscal year.

The trade deficit widened by 112 per cent to $20.65 billion during the period under review as compared with $the deficit of 9.72 billion in the same period of the last fiscal year.

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