The rupee ended Rs174.89 to the dollar from last day’s closing of Rs175.29 in the interbank foreign exchange market.
The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The SBP has decided the measure following the rupee hit all-time low at Rs175.73 against the dollar on November 12, 2021.
The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.