Rupee’s free-fall against dollar continues
KARACHI: The rupee continued to witness depreciation against the dollar on Tuesday, amid foreign currency demand for imports payments, dealers said.
The exchange rate ended at Rs167.63 against the dollar, compared with the previous day’s closing of Rs167.23 in the interbank foreign exchange market.
The rupee fell 40 paisas, which is the second straight day of losses against the greenback during the first two days of the current week.
The currency dealers said the dollar demand remained high for import and corporate payments. They said the economy was expanding after the coronavirus pandemic, which increased the demand for imported raw material and finished goods.
The dealers said unstable security and the political situation in Afghanistan also created the demand for the dollar.
The dollar inflows in the neighbouring country had stopped after the exit of the US army. Further, foreign accounts of the Afghan government were also frozen; following the takeover by the Taliban.
The dealers said this situation has also made the exchange rate unstable in Pakistan.
The local currency is over one-year low against the dollar. The rupee lost around Rs10.09 against the dollar since the start of the current fiscal year from July 1, 2021.
The local unit is also near an all-time low of Rs168.44 against the dollar, which was recorded on August 26, 2020.
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