Dollar retreats three paisas from peak against Pak Rupee

Dollar retreats three paisas from peak against Pak Rupee

KARACHI: The US dollar retreated from it’s all time high of Rs178.15 against the Pak Rupee at three paisas on Thursday.

The rupee ended at Rs178.12 to the dollar from the previous day’s closing of Rs178.15 in the interbank foreign exchange market.

Currency experts attributed the gain in rupee value to curbs introduced by the State Bank of Pakistan (SBP) regarding purchase of dollars by individuals from the open market.

The experts said that the dollar demand for import and corporate payment remained high due to year-end factors. Some support was seen due to foreign inflows, they added.

The rupee was under pressure since the start of the current fiscal year as the trade deficit and current account deficit have swollen massively.

Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July – November) 2021/2022. The current account posted a surplus of $1.87 billion in the same period of the last fiscal year.

The trade deficit widened by 112 per cent to $20.65 billion during the period under review as compared with $the deficit of 9.72 billion in the same period of the last fiscal year.

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