US Dollar touches new high against PKR, breaks all previous record
The US Dollar on Wednesday continued its surge against the Pakistani rupee as it created a new high, rising to Rs170.27 in the interbank market at the onset of the trading session.
The dollar is trending at Rs 170.27 after gaining 31 paise in the interbank market.
In the open market, its value increased by 50 paise and reached Rs. 172.30.
The Pakistani rupee, which has been described as the worst-performing currency in Asia, appears to have left room for the fast-rising US dollar to move forward without checking and devalue the rest of the local currency.
Currency is also rapidly losing purchasing power in the local market, which is quite damaging to the people.
Earlier, on September 15, 2021, the dollar reached a 13-month high when it closed at a record high of Rs 169.50.
Earlier, on August 26 last year, the dollar had reached a record high of Rs 168.43 paise, after which the decline continued.
However, the dollar has been appreciating since May this year due to various reasons, including high current account deficit and import bills.
Zafar Paracha, general secretary of the Exchange Companies Association, said the reasons for this were rising dollar purchases by importers and smuggling of dollars into Afghanistan.
Earlier, the State Bank of Pakistan (SBP) had indicated that the dollar may appreciate during the current financial year due to the projected current account deficit.
Last week, the central bank revised precautionary measures to slow the rapid growth in imports, which rose to 6 6 billion in August alone.
The SBP had said that the targeted move would help moderate demand growth in the economy, which would slow down imports and help balance the payments.
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