KARACHI: The US dollar jumped to Rs174.19 at the closing on Thursday making a fourth straight day gain.
The Pak Rupee lost another Rs1.26 to the dollar from the previous day’s closing of Rs172.93 in the interbank foreign exchange market.
Currency experts said that the rupee remained under pressure due to large external payments.
The local currency made recovery after falling to the lowest level of Rs175.27 on October 26, 2021. The recovery in the local unit was due to the announcement of the Saudi government to support Pakistan in managing the balance of payment.
The Saudi government announced an amount of $3 billion on October 26, 2021 that was to be transferred directly to the State Bank of Pakistan (SBP).
The currency experts said that the rupee witnessed the massive depreciation due to the delay in Saudi package as well as IMF tranche.
Meanwhile, the import bill remained on the higher side due to a surge in international commodity prices.
The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year, according to the Pakistan Bureau of Statistics (PBS).
