PKR continues fathomless journey; dollar hits Rs175.27

PKR continues fathomless journey; dollar hits Rs175.27

KARACHI: The Pak Rupee (PKR) on Tuesday continued its fathomless journey against the dollar as the foreign currency reached to a new high of Rs175.27.

The rupee ended with a decline of 84 paisas to close at Rs175.27 to the dollar from previous day’s closing of Rs174.43 in the interbank foreign exchange market.

Currency dealers said that the external payment kept the pressure on dollar demand during the day.

They said that the dollar demand was remained high owing to widening of trade deficit. Further, the reduction in official foreign exchange reserves of the State Bank of Pakistan (SBP) has also put pressure on dollar demand.

The official foreign exchange reserves of the State Bank recorded a decline of $1.646 billion to $17.492 billion by the week ended October 15, 2021 as compared with $19.138 billion by week ended October 08, 2021.

The import bill has registered 66.11 per cent growth to $18.74 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

The rupee is facing a continuous fall since start of the current fiscal year. The local currency recorded a depreciation of Rs17.73 or 11.25 per cent against the dollar when compared the value of Rs157.54 to dollar on June 30, 2021 with Rs175.27 as on October 26, 2021.

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