Rupee falls to new record low at Rs171.13 to dollar

Rupee falls to new record low at Rs171.13 to dollar

KARACHI: Deterioration continued in Pak Rupee (PKR) against dollar on Wednesday as the local currency hit new record low at Rs171.13.

Previously, the rupee recorded the all-time low at Rs171.04 against the dollar a day ago on October 12, 2021 in interbank foreign exchange market.

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 Rs13.59 against the dollar from Rs157.54 on June 30, 2021 to Rs171.13 to date.

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