Rupee hits another record low of Rs169.12 against dollar

KARACHI: There is no letup in the rupee depreciation, as it touched another record low of Rs169.12 on Wednesday.

The local currency fell 18 paisas to close at Rs169.12 from the previous day’s closing of Rs168.94 in the interbank foreign exchange market.

The rupee witnessed the all-time low of Rs168.94 on Tuesday, while the previous historic low was Rs168.44 on August 26, 2020.

The currency dealers said the widening of trade deficit and growing import bill had increased the demand for the foreign currency.

During the day, the exchange rate declined to Rs169.50 against the greenback; however, the dealers claimed that the State Bank of Pakistan (SBP) intervened, which helped the rupee make some recovery.

The rupee; however, failed to stop the dollar from making another high.

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