KARACHI: The US dollar touched a new peak against Pakistan Rupee (PKR) at Rs182.15 at midday trading in interbank foreign exchange market.
The rupee was ended Rs181.78 against the dollar at closing on March 25, 2022. It was previous record high of the dollar against the rupee.
READ MORE: Dollar continues historic journey; tops at PKR 181.78
Currency experts said that the rupee was under immense pressure due to external payments, political unrest and Russia-Ukraine war.
READ MORE: Dollar maintains record high against PKR at Rs181.73
The massive outflow of foreign exchange for repayment of external debt kept pressure on the exchange rate.
READ MORE: Dollar maintains record high against PKR at Rs181.73
Pakistan’s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022 as compared with $23.72 billion as of February 4, 2022. The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.
READ MORE: Rupee’s losing streak continues as dollar tops Rs181.73
The rupee was under pressure due to political uncertainty, external payment demand and volatile international oil prices. A no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.
The dollar demand was also rising due to import of commodities related to the holy month of Ramzan. The local forex market is also uncertain due to volatile oil prices in the international markets. The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.
