Rupee touches fresh low of 171.13

Staff Reporter BOL News

13th Oct, 2021. 05:38 pm
dollar depreciated

KARACHI: The exchange rates witnessed a continuation of the rupee depreciation on Wednesday, as the dollar strides ahead to make a fresh high of Rs171.13, dealers said.

The previous record high of the dollar was at Rs171.04 a day ago. The exchange rate witnessed a decline of nine paisas in the rupee value against the dollar in the interbank foreign exchange market.

The dealers said the dollar demand for import payments remained high, which is continuously depreciating the rupee value.

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.

The State Bank of Pakistan (SBP) during the last few days introduced 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 has lost Rs13.59 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.04 to-date.

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