Rupee continues to make historic low against dollar
KARACHI: The rupee is under immense pressure and continued its slide against the dollar on Thursday and made a fresh low of Rs171.20 in the interbank foreign exchange market, dealers said.
The exchange rate recorded seven paisas decline in the rupee value against the dollar as against the previous day’s closing of Rs171.13 in the interbank foreign exchange market. The previous record high of the dollar was Rs171.13 on Wednesday.
The dealers said external payment demand remained high due to expansion in the economy and the rise in the international commodity prices.
The import bill registered a sharp growth of 65 per cent to $18.63 billion during the first quarter (July–September) of the current fiscal year, compared with $11.28 billion in the corresponding quarter of the last fiscal year.
During the last few days, the State Bank of Pakistan (SBP) had introduced various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in the rupee value.
The local currency remained under pressure since the start of the current fiscal year. It has lost Rs13.66, or 8.67 per cent, against the greenback from Rs157.54 on June 30, 2021 to Rs171.20 to-date.
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