Dollar reaches record high of Rs176.50 in intraday

Dollar reaches record high of Rs176.50 in intraday

KARACHI: The US dollar has recorded an all-time high of Rs176.50 during intraday trading at the interbank foreign exchange market on Friday.

The Pak Rupee (PKR) has lost Rs1.52 against the dollar during the intraday trading from last day’s closing of Rs174.98. The dollar is being traded at Rs176.50 in the interbank foreign exchange market.

Previously, the dollar reached the historic high of Rs175.75 at the interbank foreign exchange market closing on November 12, 2021.

Currency experts said that a significant decline in foreign exchange reserves of the country had resulted in a massive deterioration in the rupee value.

Pakistan’s foreign exchange reserves have declined by $776 million during a week owing to external debt repayment, the State Bank of Pakistan (SBP) said a day earlier.

The country’s foreign exchange reserves fell to $22.774 billion by the week ended November 19, 2021 as compared with $23.55 billion a week ago.

The reserves held by the SBP fell by $691 million to $16.254 billion by the week ended November 19, 2021 as compared with $16.945 billion a week ago. The central bank attributed the decline in its reserves to external debt repayment.

The foreign exchange reserves held by the commercial banks also came down by $85 million to $6.52 billion as compared with $6.605 billion a week ago.

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