Rupee weakens against dollar
KARACHI: The rupee weakened 32 paisas against the dollar on Monday, owing to higher demand for the foreign currency; following a record trade deficit in August 2021, dealers said.
The exchange rate ended at Rs167.23 against the dollar from last Friday’s closing of Rs166.91 in the interbank foreign exchange market.
The currency dealers said the dollar demand remained high during the day, as the market opened after two weekly holidays. Besides, the record trade deficit in August 2021 also upset the market sentiments, they added.
The trade deficit widened to a monthly high by over 144 per cent in August. The trade deficit during August 2021 was recorded at $4.23 billion, compared with the deficit of $1.73 billion in the same month of the last year, according to the trade data released by the Pakistan Bureau of Statistics.
The import bill for August 2021 posted a growth of 95 per cent to $6.46 billion, compared with $3.31 billion in the same month of the last year.
The local currency has lost around Rs9.69 against the dollar since the start of the current fiscal year on July 1, 2021. The rupee is also near to the all-time low of Rs168.44 against the dollar, which was recorded on August 26, 2020.
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