Dollar touches new peak at Rs177.89; PKR fall continues

Dollar touches new peak at Rs177.89; PKR fall continues

KARACHI: The deterioration in Pak Rupee (PKR) value continued on Monday as the dollar touched new peak at Rs177.89 at closing of interbank foreign exchange market.

The PKR lost 18 paisas against the dollar to close at Rs177.89 as compared with last Friday’s closing of Rs177.71, which was the previous all-time high of dollar, in the interbank foreign exchange market.

READ MORE: Dollar makes new highs for 4th straight day at Rs177.71

Today’s was the fifth straight day when the dollar touched new record high as it made a record high at Rs176.79 on December 07, 2021. Since then the dollar is making new record every session.

Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.

READ MORE: Dollar touches Rs178 intraday trading, retreats

The import bill of the country grew by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

READ MORE: Dollar makes new high at PKR 177.35 at midday trading

The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee slide continues; dollar hits new high at Rs176.79