PKR at fresh low of Rs171.04 against dollar

PKR at fresh low of Rs171.04 against dollar

KARACHI: The Pak Rupee (PKR) reached to a new historic low of Rs 171.04 against the dollar.on Tuesday in the interbank foreign exchange market.

Previously, the rupee recorded an all-time low at Rs170.96 against the dollar on October 06, 2021.

Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.

The import bill surged by 65 per cent to $18.63 billion during first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.

The local currency remained under pressure since start of the current fiscal year. The local unit has lost Rs13.50 or 8.57 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.04 to date.