KARACHI: The dollar on Wednesday hit another record high at Rs170.48 in the interbank foreign exchange market. The Pak Rupee (PKR) lost 51 paisas to close at Rs170.48 from the previous day’s closing of Rs169.97, the previous record high of the dollar, in the interbank foreign exchange market.
Currency experts said that dollar demand was further increased due to import and corporate payments.
They said that high international oil prices had also put pressure on the foreign currency.
The local currency is under pressure due to the ballooning trade deficit and widening of the current account deficit.
The State Bank of Pakistan (SBP) last week took measures to support the balance of payment by putting a ban on financing for imported vehicles. However, these measures have failed so far to soften the demand for foreign currency.
