Dollar retreats to year end at Rs176.51

Dollar retreats to year end at Rs176.51

KARACHI: The US dollar retreated by Re1 on the last day of the year 2021 on Friday to close the trading at Rs176.51 at interbank foreign exchange market.

The rupee ended at Rs177.51 to the dollar a day earlier in the interbank foreign exchange market.

The rupee recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.

READ MORE: Rupee falls to new historic low of Rs178.24 to dollar

Currency experts said that the measures taken through the mini-budget had given some respite to the local currency.

They said that the State Bank of Pakistan (SBP) had closely watched the currency movement on the last day of the year.

The experts said that rising import bill and current account deficit however big challenges for the rupee stability in the coming days.

READ MORE: Bank holiday on January 03, 2022 announced

Furthermore, the decline in foreign exchange reserves also threatened rupee stability.

The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago.

READ MORE: Pakistan’s forex reserves decline by $395 million in week

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