Dollar makes new record high of Rs176.42 to Pak Rupee

Dollar makes new record high of Rs176.42 to Pak Rupee

KARACHI: The US dollar on Thursday recorded a record high of Rs176.42 against Pak Rupee (PKR) at the closing of the Interbank Foreign Exchange Market.

The rupee lost 94 paisas against the dollar from the previous day’s closing of Rs175.48 in the interbank foreign exchange market.

Previously, the rupee recorded an all-time low of Rs176.20 on November 29, 2021.

Currency experts said that higher imports and widening of trade deficit were the major reasons behind rupee deterioration.

During the first five months of the current fiscal year, exports and imports reached $12.4 billion and $33.1 billion, respectively. The trade deficit jumped up by 117 per cent YoY during the first five months of the current fiscal year to $20.8 billion.

The market was anticipating a recovery in the local unit after tightening of monetary policy stance by the State Bank of Pakistan (SBP) and signing for a Saudi support package for Pakistan. However, all these positive outcomes have failed to support the local currency.

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