Rupee down 21 paisas against dollar
KARACHI: The rupee closed down 21 paisas against the dollar on Monday, owing to higher import payments on the first day of the week, dealers said.
The exchange rate ended at Rs170.74 against the dollar, compared with last Friday’s closing of Rs170.53 in the interbank foreign exchange market.
The dealers said the demand for the greenback was high because the market was opened after two weekly holidays.
They said that significant trade deficit had also pressurised the dollar demand. The import bill of the country surged to $18.63 billion during the first quarter (July–September) of 2021/22, compared with $11.28 billion in the corresponding quarter of the last fiscal year.
Market sources said large outflows of dollars to the neighbouring country after the takeover by the Taliban had created exchange rate instability in Pakistan.
Since the start of the current fiscal year, the rupee fell Rs13.20, or 8.38 per cent, against the dollar. It was at Rs157.54 against the dollar on June 30, 2021.
The local currency fell to the all-time low of Rs170.96 to the dollar on October 6, 2021 in the interbank foreign exchange market.
The dealers said the State Bank of Pakistan (SBP) recently had taken various measures to prevent the dollar outflow and support the balance of payments position.
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