Rupee makes fresh lows against dollar

Rupee makes fresh lows against dollar

KARACHI: The Pak Rupee (PKR) fell to a new record low against the dollar at Rs170.80 on Monday. The high demand for import and corporate payments kept the local unit under pressure.

The rupee fell by 32 paisas to Rs170.80 to the dollar from last Friday’s closing of Rs170.48 in the interbank foreign exchange market.

Currency experts attributed the fresh low of rupee to the opening of the market after two weekly-holiday. They further said that higher import bill also escalated the demand for the dollar.

The rupee hit all-time low at Rs170.66 against the dollar on September 30, 2021.

The State Bank of Pakistan (SBP) last week announced measures to discourage imports and support balance of payment. However, these measures have failed so far to support the local currency.

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