Rupee depreciates further to Rs175.27 against dollar
KARACHI: The rupee continued to fell to another record low of Rs175.27 against the dollar on Tuesday, dealers said on Tuesday.
The exchange rate recorded a decline of 84 paisas in the rupee value against the dollar from last day’s closing of Rs174.43, the previous record low, in the interbank foreign exchange market.
The dealers said the external payment kept the pressure on the demand for the dollars during the day.
They said the dollar demand remained high, owing to widening of trade deficit. Further, the reduction in the official foreign exchange reserves of the State Bank of Pakistan (SBP) has also put pressure on the dollar demand.
The official foreign exchange reserves of the State Bank of Pakistan recorded a decline of $1.646 billion to $17.492 billion by the week ended October 15, 2021, compared with $19.138 billion by the week ended October 8, 2021.
The import bill has registered 66.11 per cent growth to $18.74 billion during the first quarter of the current fiscal year, compared with $11.28 billion in the corresponding quarter of the last fiscal year.
The rupee is facing a continuous fall since the start of the current fiscal year. The local currency recorded a depreciation of Rs17.73, or 11.25 per cent, against the dollar, compared with the value of Rs157.54 against the dollar on June 30, 2021 with Rs175.27 as of October 26, 2021.
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