Dollar retreats from all time high against PKR

Dollar retreats from all time high against PKR

KARACHI: The US dollar lost two paisas against the Pak Rupee (PKR) on Friday amid external payment demand.

The rupee ended at Rs171.18 to the dollar from previous day’s closing of Rs171.20 in the interbank foreign exchange market. The dollar recorded all time high at Rs171.20 a day earlier.

Currency experts said that high international commodity prices and rising domestic demand after ease in coronavirus cases escalated the demand for imported goods.

The import bill registered a sharp growth of 65 per cent to $18.63 billion during the first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

The State Bank of Pakistan (SBP) during the past few days introduced various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.

The local currency remained under pressure since the start of the current fiscal year. The local unit has lost Rs13.64 or 8.66 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.18 to date.