Rupee hits record low of 166.28 against dollar
KARACHI: The rupee witnessed a sharp decline of Rs1.08 against the dollar, as it touched the record yearly low of Rs166.28 on Wednesday.
The exchange rate ended at Rs165.20 in the interbank foreign exchange market on Tuesday.
The exchange rate was previously recorded at Rs166.24 against the dollar on August 31, 2020 in the interbank foreign exchange market.
The currency analysts said the import bill had increased significantly, which put pressure on the local currency.
Khurram Schehzad, CEO of Alpha Beta Core, said that huge payments against machinery imports were made, which escalated the demand for the dollars.
“The dollar demand for machinery import [is] likely to persist in [the] coming days, which may put pressure on the local currency,” he added.
Sources believed the dollar flow through the grey channel had also increased the demand for the greenback. They said uncertainty in the neighbouring country Afghanistan has put pressure on the currency, as the dollars are in short supply there.
The analysts said the rise in the international oil prices was also one of the factors that deteriorated the local currency.
The latest inflows from the International Monetary Fund (IMF) have also failed to improve the rupee value. The country received $2.75 billion a day ago.
The rupee has lost Rs8.74 against the dollar since the start of the current fiscal year. The exchange rate closed at Rs157.54 against the greenback on June 30, 2021.
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