KARACHI: The deterioration in Pak Rupee (PKR) rupee continued on Wednesday as the dollar topped another record high at Rs178.15.
The rupee lost 10 paisas against the dollar to end at the fresh low of Rs178.15 as compared with last day’s closing of Rs178.05, the previous low of the rupee, in the interbank foreign exchange market.
READ MORE: Dollar advances to new historic high of Rs178.05
Currency experts believed that the high dollar demand for import and corporate payments was due to year-end.
They said that by every quarter end entities operating in Pakistan repatriate profit and dividend to their parent companies abroad.
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The experts said that current account deficit and trade deficit had kept pressure for dollar demand.
Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July – November) 2021/2022.
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.
