Rupee hits another record low against dollar
KARACHI: The rupee hit another low of 171.04 in the interbank foreign exchange market on Tuesday, as the demand for the foreign currency for external payments remained unabated, dealers said.
The exchange rate witnessed a decline of 30 paisas in rupee value, compared with the previous day’s closing of Rs170.74 against the greenback in the interbank foreign exchange market.
Previously, the rupee recorded an all-time low of Rs170.96 against the dollar on October 6, 2021.
The dealers said the dollar demand for import payments was continuously depreciating the rupee value.
The import bill surged 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.
The dealers said the uncertainty in Afghanistan is one of the major reasons for the volatile exchange rate in Pakistan. The foreign accounts of the Afghan government were frozen; following the takeover by the Taliban this year.
The State Bank of Pakistan (SBP) during the last couple of weeks took various measures to discourage outflows 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. The local unit lost Rs13.50, or 8.57 per cent, against the dollar from Rs157.54 on June 30, 2021 to Rs171.04 to-date.
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