Dollar retreats after touching intraday high of Rs176.50

Dollar retreats after touching intraday high of Rs176.50

Dollar retreats after touching intraday high of Rs176.50
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KARACHI: The dollar retreated to close at Rs175.46 on Friday after touching an all-time high of Rs176.50 during the intraday trading, dealers said.

The exchange rate witnessed a loss of 48 paisas in the rupee value to close at Rs175.46 against the dollar as against the previous day’s closing of Rs174.98 in the interbank foreign exchange market.

Earlier in the day, the rupee remained under pressure due to sharp decline in the foreign exchange reserves. Pakistan’s foreign exchange reserves slipped $766 million to $22.774 billion by the week ended November 19, 2021, compared with $23.55 billion by the week ended November 12, 2021.

Read more: Dollar touches historic high at interbank

The official foreign exchange reserves of the central bank slipped $691 million to $16.254 billion by the week ended November 19, 2021, compared with $16.945 billion a week ago. The SBP attributed the decline in its reserves to external debt repayments.

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The dollar; however, retreated; following the news report that the country might receive $3 billion from Saudi Arabia this week.

The dealers attributed the fall in the rupee value to two weekly holidays ahead. They said the large imports are a major threat to the rupee stability. The import bill registered a 65 per cent growth to reach $25.1 billion during the first four months of the current fiscal year, compared with $15.17 billion in the corresponding months of the last fiscal year.

The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs17.92, or 11.37 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs175.46 on November 26, 2021.

The local unit hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

In the open market, the buying and selling of the dollar were recorded at Rs177.10/Rs178.35 at the time of filing of this report.

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