KARACHI: The Pak Rupee recorded a new low of Rs177.98 to the dollar on Wednesday despite the hike in key policy rate by 100 basis points announced a day earlier.
The rupee lost 10 paisas to the dollar from the previous day’s closing of Rs177.88 in the interbank foreign exchange market.
The previous historic low in rupee value was recorded at Rs177.89 on December 13, 2021.
A day earlier the State Bank of Pakistan (SBP) announced an increase of 100 basis points in the key policy rate to 9.75 per cent.
Currency experts said that the rupee was under immense pressure due to high dollar demand for import and corporate payments.
According to the official data of Pakistan Bureau of Statistics (PBS), the import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
