US dollar goes up to Rs172 in early trade

KARACHI: The US dollar gained 37 paisas against the rupee in early trade at the interbank foreign exchange market on Wednesday.

The dollar is being traded at Rs172 to the rupee till filing of this report at 10:00am today.

On Tuesday, the exchange rate closed at Rs171.63. The local currency recorded a significant gain during the last week after an announcement of the Saudi government on October 26, 2021 to support Pakistan with a view to managing the balance of payments.

Meanwhile, since the last three days of this week, the rupee again started falling. The local currency recorded the all-time low of Rs175.27 on October 26, 2021.

The dealers said that the high import payments had scaled up the dollar demand.

The import bill registered a growth of 65.15 per cent to $25.06 billion during July-October 2021, compared with $15.17 billion in the same period of the last fiscal year, according to the Pakistan Bureau of Statistics.