KARACHI: The US dollar continued its upward journey to make new record highs against the Pak Rupee (PKR) for the fourth straight day on Friday as it ended at Rs177.71 in foreign currency market.
The recorded 11 paisas loss against the dollar from previous day’s closing of Rs177.61 in interbank foreign exchange market. The dollar made new highs for the fourth straight day as it made a record high at Rs176.79 on December 07, 2021. The foreign currency continued to make record highs in the next three trading sessions.
Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.
The import bill of the country grew 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 trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.