Rupee plunges to four-month low against dollar

KARACHI: The rupee touched the four months low of Rs158.19 against the US dollar on Tuesday, as the demand for the foreign currency remained high for import and corporate payments, dealers said.

The exchange rate ended at Rs157.51 against the dollar in the interbank foreign exchange market on Monday. The rupee was at Rs158.10 against the US dollar on February 21, 2021 and Rs168.05 on June 30, 2020.

Also read: Latest Gold Rate in Pakistan today on, 22nd June 2021

The currency dealers said the local unit remained under pressure due to the year-end demand for import and corporate payments. The foreign companies operating in Pakistan usually purchase dollars to repatriate their profits and dividends by the quarter- and year-end.
The rupee also came under pressure, as the government had eased coronavirus-related restrictions and escalation in the international oil prices. The import bill for May 2021 registered a phenomenal increase of 86 per cent to reach $5.31 billion, compared with $2.85 billion in the same month of the last fiscal year.

Banking experts said the dollar demand would remain high by the end of this month.