KARACHI: The Pak Rupee (PKR) fell by 21 paisas against the dollar on Monday due to higher dollar demand for external payment.
The rupee ended at Rs170.74 to the dollar as compared with last Friday’s closing of Rs170.53 in the interbank foreign exchange market.
Currency experts said that dollar demand was high because the market was opened after two weekly holidays.
They said that significant trade deficit had also pressurized the dollar demand. The import bill of the country surged to $18.63 billion during the first quarter (July – September) of 2021/2022 as compared with $11.28 billion in the corresponding quarter of the last fiscal year.
Since the start of the current fiscal year the rupee fell by Rs13.20 or 8.38 per cent against the dollar. The rupee was at Rs157.54 to the dollar on June 30, 2021.
The rupee fell to the all-time low at Rs170.96 to the dollar on October 6, 2021 in the interbank foreign exchange market.
The dealers said that the State Bank of Pakistan (SBP) recently had taken various measures to prevent dollar outflow and support balance of payment.