Dollar inches up to make new high at PKR 178.63

Dollar inches up to make new high at PKR 178.63

KARACHI: The US dollar hit another high against the Pak Rupee (PKR) on Wednesday after inching up by two paisas in the interbank foreign exchange market.

The rupee ended Rs178.63 to the dollar from last day’s close of Rs178.61, the previous historic low of the rupee, in the interbank foreign exchange market.

READ MORE: Rupee falls to all-time low against dollar at Rs178.61

Currency experts said that the local unit remained under pressure due to import payments to foreign buying related to the holy month of Ramzan and volatile oil prices in the international market.

They said that inflows in the shape of export receipts and remittances were seen in the market, which prevented significant losses in the rupee value.

READ MORE: Rupee ends near record low against dollar

The experts said that overseas Pakistanis usually send money to their loved ones for expenses related to holy month of Ramzan and Eid festival.

The high oil prices in the international market due to Russia-Ukraine war kept the rupee value under pressure as further spike in the prices would make the local currency to maintain levels.

READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

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