Dollar makes new high of Rs176.77 at interbank closing

Dollar makes new high of Rs176.77 at interbank closing

KARACHI: The US dollar recorded a new high at Rs176.77 against the Pak Rupee (PKR) at the closing of the Interbank foreign exchange market on Friday.

The dollar gained 35 paisas against the previous day’s closing of Rs176.42 in the interbank foreign exchange market. The dollar made a new peak just after a day reaching the historic high.

Currency experts said that the high trade deficit and decline in foreign exchange reserves were major reasons behind the massive fall in rupee value.

The official reserves of the State Bank fell by $244 million to $16.01 billion by the week ended November 26, 2021 as compared with $16.254 billion a week ago.

The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

The exports of the country also grew at 27 per cent but much lower than the pace in the growth of the import bill during the period under review. The exports of the country increased to $12.34 billion during July – November 2021/2022 as compared with $9.74 billion in the same period of the last fiscal year.

Earlier in the day the US dollar has breached the level of Rs177 to make a new record high during intraday trading. The exchange rate reached at Rs177.30 to the dollar during midday trading in the interbank foreign exchange market.

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