Rupee reaches to historic low of Rs176.20 against dollar

Rupee reaches to historic low of Rs176.20 against dollar

KARACHI: The Pak Rupee (PKR) on Monday recorded a historic low of Rs176.20 to the dollar at the closing of the interbank foreign exchange market.

The rupee lost 74 paisas to end at Rs176.20 to the dollar from last Friday’s closing of Rs175.46 in the interbank foreign exchange market. The rupee previously recorded the historic low at Rs175.73 on November 12, 2021.

Currency experts said that the rupee deteriorated because the dollar demand for import and corporate payments remained high during the day.

The rupee was also under pressure as the market was opened after two weekly holidays.

The experts said that the large import bill of the country has kept the rupee under pressure. The import bill of the country recorded an increase of 65.40 per cent to $25.1 billion during the first four months of the current fiscal year as compared with $15.17 billion in the corresponding period of the last fiscal year.

The rupee is likely to recover in the coming days as the State Bank of Pakistan (SBP) on Monday signed a deposit agreement with the Saudi Fund.

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