Dollar rises to Rs172 in interbank early trade

Dollar rises to Rs172 in interbank early trade

KARACHI: The dollar recorded a gain of 37 paisas against the Pak Rupee in early trade at interbank foreign exchange market on Wednesday.

The dollar is being traded at Rs172 to the rupee. The rupee was closed at Rs171.63 a day earlier.

The local unit witnessed a significant gain during past week following an announcement of the Saudi government on October 26, 2021 to support Pakistan in managing the balance of payment.

However, since start of the current week the rupee again started falling.

The local unit recorded the all-time low of Rs175.27 on October 26, 2021.

The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year, according to the Pakistan Bureau of Statistics (PBS).

Currency experts said that the external payment may put more pressure on dollar demand that may result in further depreciation in rupee value.

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