Rupee falls to new historic low of Rs178.24 to dollar

Rupee falls to new historic low of Rs178.24 to dollar

KARACHI: The Pak Rupee (PKR) fell to new historic low of Rs178.24 to the dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee fell by five paisas against the dollar from last day’s closing of Rs178.19, the previous record low of the rupee, in the interbank foreign exchange market.

Currency experts said that due to last days of month of December and year closing the dollar demand was high for import and corporate payments.

The experts said that the rising prices of oil in international markets and corporate payment pushed the demand for dollars.

They said that surge in import bill and widening current account deficit are major challenges for the rupee in coming days.

The import bill of the country surged to $33 billion during the first five months (July – November) 2021/2022.

This resulted in widening of trade deficit resulted in $7 billion current account deficit during the first five months (July – November) 2021/2022.

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