Pak Rupee hits fresh low at Rs178.19 to dollar

Pak Rupee hits fresh low at Rs178.19 to dollar

KARACHI: The Pak Rupee hit a fresh low at Rs178.19 to the dollar on Tuesday after falling two paisas in the interbank foreign exchange market.

The local currency further declined from the last day’s closing of Rs178.17, which was the previous historic low.

The foreign exchange market witnessed dollar demand for import and corporate payment during the day. However, banks assured dollar supply against the demand, currency experts said.

They said that following restriction imposed by the central bank on buying of the foreign exchange by individuals from open market, the fall in rupee value was slowed down but continued.

The State Bank of Pakistan (SBP) last week imposed curbs on foreign exchange buying by individuals from the open market in order to discourage speculative gains. As per restrictions an individual can buy a maximum of $10,000 per day and $100,000 in a year.

The currency experts said that rising import bills and widening of the current account deficit remained a major threat to rupee value.

READ MORE: SBP sets limits for sale of foreign exchange to individuals

Leave a Reply

You have to agree to the comment policy.