Rupee’s free-fall continues; dollar advances to Rs170.48
KARACHI: The free-fall in the rupee value continued on Wednesday and the dollar advanced to make another record high of Rs170.48 in the interbank foreign exchange market.
The dealers said an increase in the international oil prices and external payments pressure escalated the demand for the foreign currency.
The exchange rate witnessed a decline of 56 paisas in the rupee value to end the dollar on another record high of Rs170.48 from the previous day’s closing of Rs169.72 in the interbank foreign exchange market.
The international oil prices are hovering around $80/barrel. Experts believe the prices may surge to around $90/barrel by the year-end.
In line with the expectations of higher import prices, the rupee is likely to depreciate further in the coming months. A survey conducted by Topline Research revealed that the rupee/dollar parity will remain in between 165 and 170 by the end of 2021, while some other participants expect it to be in between 170 and 175.
The local currency is under pressure due to the ballooning trade deficit and widening current account deficit.
Although the State Bank of Pakistan (SBP) last week took measures to support the balance of payments by putting a ban on the financing for imported vehicles; however, these measures failed to soften the demand for the foreign currency, so far.
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